NCDEX Turmeric News By Ripples Advisory

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Turmeric on NCDEX settled up by 0.48% at 8368 on receipt of orders from North India. Though, some gains were capped on monsoon progress in key turmeric producing belts, as the sowing is taking place in Andhra Pradesh, Karnataka and Telangana. 

 

Turmeric trading range for the day is 8216-8496. Turmeric production for the current crop year (2015-16) is estimated to be around 315,000 tons compared to the previous year production of 324,000 tons. During the Apr-Dec 2015, India exported 68,500 ton turmeric as against 64,785 ton a year ago because of increased demand from Gulf countries.  


At Nizamabad market arrivals were reported at 2000 quintals, down by 1000 quintals as compared to previous day. At Warangal market estimated market supply was at 400 bags, higher by 200 bags as against previous day. 

 

In Nizamabad, a major spot market in AP, the price ended at 8567.1 rupees gained 58.05 rupees.Technically now Turmeric is getting support at 8292 and below same could see a test of 8216 level, And resistance is now likely to be seen at 8432, a move above could see prices testing 8496.

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