yesterday settled up by 5.98% at 9608 on good domestic and export demand, besides fears of heavy rains have affected the new crop due next month. However upside seen limited as pressure is seen amid poor demand for old stocks as traders wait for the new season of turmeric. The sentiment improved on reports of damage to the crop in Telangana and Andhra Pradesh. The market sentiment is buoyant mainly since the ending stocks are expected to be 17-18 lakh bags (50 kg each) this year against 25 lakh bags last year. This year, the crop was also lower compared with last year, he said. Also, the quality of the produce was not good, resulting in price gaining.
Spices Board data showed turmeric production this year being projected at 11.01 lakh tonnes against 11.78 lakh tonnes last year, mainly on the output being affected in Telangana, Karnataka, Tamil Nadu (NS: TNNP ), Assam, and Haryana. In view of the heavy rains in the growing areas, particularly in Maharashtra, the next crop’s yield could be lower. Spices Board data show turmeric exports lower by 26 percent in volume during the first half of the current fiscal at 77,245 tonnes valued at ₹860.31 crores against 1.04 lakh tonnes valued at ₹903.31 crores during the same period a year ago. In Nizamabad, a major spot market in AP, the price ended at 8755 Rupees gained 330 Rupees.
Technically market is under fresh buying as the market has witnessed a gain in open interest by 16.64% to settled at 6800 while prices up 542 rupees, now Turmeric is getting support at 9220 and below same could see a test of 8832 levels, and resistance is now likely to be seen at 9802, a move above could see prices testing 9996.
# Turmeric trading range for the day is 8832-9996.
# Turmeric gained on good domestic and export demand, besides fears of heavy rains have affected the new crop due next month.
# The sentiment improved on reports of damage to the crop in Telangana and Andhra Pradesh.
# However upside seen limited as pressure seen amid poor demand for old stocks as traders wait for the new season of turmeric.
# In Nizamabad, a major spot market in AP, the price ended at 8755 Rupees gained 330 Rupees.
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