Gold Silver Reports — Technically NCDEX Turmeric market is under fresh selling as market has witnessed gain in open interest by 4.34% to settled at 9025 while prices down -32 rupees.
Now Turmeric is getting support at 6341 and below same could see a test of 6305 level, And resistance is now likely to be seen at 6444, a move above could see prices testing 6499.
Turmeric on NCDEX settled down -0.5% at 6376 as pressure continues as turmeric output is expected to be bumper as not only the acreage was higher but weather remained favourable. In coming days, arrivals are expected to increase which could put pressure over prices.
New crop arrivals have started in all the major producing centres of Andhra Pradesh, Telangana, Maharashtra, Odisha. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc.
On the export front, country exported about 82,115 tons during April-December period, up by 28% compared to last year exports of 64,105 tons. Though, some gains were capped on heavy arrivals from the producing belts.
The turmeric arrivals in the country is on higher side during second half of March to 79,534 tons compared to 63,965 tons during last month same period.
Demand for new turmeric increased. Traders expect the prevailing turmeric price to be maintained for a few more days. At the Erode Turmeric Merchants Association sales yard, finger turmeric sold at Rs. 5,689-8,515 a quintal, while the root variety sold at Rs. 5,506-7,625. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,449-7,786 a quintal and the root variety at Rs. 6,139-6,669.
At the Erode Cooperative Marketing Society finger turmeric sold at Rs. 7,256-8,169 and the root variety at Rs. 6,399-6,955.