Gold Silver Reports (GSR) – Technically Turmeric market is under long liquidation as market has witnessed drop in open interest by 5.37% to settled at 8275 while prices down 252 rupees.
NCDEX Turmeric is getting support at 6740 and below same could see a test of 6658 level, And resistance is now likely to be seen at 6964, a move above could see prices testing 7106.
Turmeric on NCDEX settled down by 3.56% at 6822 tracking weakness in spot demand due to continued new crop supply reported in the Nizamabad market. Currently, around 14 – 25% moisture content supplies reported which lower from last week.
After 10- 15 days’ moisture content percentage likely to reduce as season will change normally. As per market sources, Nizamabad turmeric stocks as on now were estimated around 1.25 lakh bags as compared to around 2.00 lakh bags same time last year.
Farmers in Tamil Nadu currently have around 5 lakh bags (1 bag = 75kgs) turmeric stocks as compared to last year’s 9 lakh bags. New crop supply is coming to the market. The traders preferring new turmeric and purchase the same.
Though the arrival of new turmeric is normal with to 3,000-4, 000 bags a day, the traders are showing interest in buying the new turmeric for their demand said Krishnamurthy a trader. Around 6,300 bags including four thousand bags of new turmeric arrived for sale.
The traders have procured more than 3, 500 bags of new turmeric and 500 bags of hybrid turmeric. Regarding the price of the commodity, the Hybrid finger turmeric was increased by Rs. 200 a quintal and the local finger turmeric was increased by Rs. 300 in the Erode Turmeric Merchants Association Sales Yard. In Nizamabad, a major spot market in AP, the price ended at 6930 Rupees dropped -60 Rupees.
