Friday, 30 September 2016

Ncdex Turmeric Market Update

Turmeric on NCDEX settled up by 2.03% at 7240 due to rising demand at the spot market. Further, forecast of heavy rains in Telengana and Maharashtra which damages standing turmeric crop too fuelled the uptrend. Turmeric stocks are low this year because of weak output and arrivals have been falling in all the major producing centres. 

According to the recent report from Andhra Pradesh Agriculture Department, area under turmeric in the state stood higher at 13,992 hectares against 13,031 hectares same period a year ago. In Telangana the area under turmeric was up at 45,633 hectares as compared to 40,630 hectares a year ago period.

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Trading Ideas:

Turmeric trading range for the day is 7024-7372. 

Turmeric prices ended with gains due to rising demand at the spot market. 

Turmeric stocks are low this year because of weak output and arrivals have been falling in all the major producing centres. 

NCDEX accredited warehouses turmeric stocks dropped by 105 tonnes to 5639 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7579.15 rupees gained 16.65 rupees.

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