Thursday, June 30, 2011
Turmeric likely to move further higher
MUMBAI (Commodity Online): Low level buying activities were noted in the Spot and the Futures market as Turmeric rates recovered moderately. But reports of rains in growing areas in Andhra Pradesh kept sentiments down.
Low demand and reports of higher production and stocks in mandis are likely to pressurize the prices to some extent. There are expectations however of demand rising in coming weeks that could support the falling prices.
Sowing has started in the growing areas in Andhra Pradesh and the progress is reportedly satisfactory. Good Monsoon progress is also reportedly keeping the sowing activities proper.
The area sown would however depend on the market rates and if the falling trend continues, traders expect the sowing area may fall as farmers may shift to other lucrative crops like cotton, soybean etc.
The present 2010-11 crop is expected higher at 65-70 lakh bags vs 48 lakh bags the earlier year.
Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January.
Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan. That could support the falling prices to some extent.
Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-March 2010-11 have fallen by 3% to 49,250 MT in 2010-11 from 50,750 MT in 2009-10 same period.
Courtesy: Religare Commodities
Monday, May 30, 2011
Turmeric tumbles on higher arrivals
Turmeric futures declined 8.40 % w-w owing to weak demand and improved arrivals at the other mandis. Spot Nizamabad mandi will reopen today (30th May 2011).
Turmeric stocks in the NCDEX warehouse are at 1354 MT as on 20th May 2011.
Production, Arrivals and Exports
Arrivals in Erode mandi stood at 8,000 bags on Friday lower by 2000 bags as compared to previous day.
Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag= 70 kgs) compared to 48 lakh bags during the previous year. According to Spices Board of India exports of Turmeric from India during April 2010- February 2011 stood at 42,500 tonnes as compared to 46,575 tonnes in 2009-10, a decline of 9%.
Outlook
Turmeric prices in the intraday will trade sideways to down due to lacklustre demand from local stockists.
Price trend in the short term (till mid of June) are likely to depend on the arrivals and demand from the overseas and domestic buyers.
In the medium to long term (June end onwards) turmeric prices will take cues from the turmeric stocks at the domestic market and onset of monsoon in the major growing regions.
Courtesy: Angel Commodities
Sunday, May 22, 2011
Chilli, turmeric weaken on subdued demand
NEW DELHI, MAY 21:
Red chilli and turmeric prices fell by up to Rs 200 per quintal in the national capital today due to subdued demand from retailers and stockists amid adequate stocks.
Also, weak futures market trend and increased arrivals from the producing belts also put pressure on the prices.
Red chilli and turmeric prices declined by up to Rs 200 to settle at Rs 9,000-13,000 and Rs 10,500-15,500 per quintal, respectively.
Market analysts said subdued demand from retailers and stockists against adequate stocks mainly led to the fall in chilli and turmeric prices at the wholesale kirana market here.
Following are the quotations in Rs per quintal:
Ajwain 17,500-23,000, black pepper common 28,500-28,700, betelnut (kg) 110-120, cardamom brown-Jhundiwali (kg) 980-1,000 and cardamom brown-Kanchicut (kg) 1,100-1,250.
Cardamom small (kg): Chitridar 720-740, cardamom (colour robin) 700-740, cardamom bold 710-740, cardamom extra (bold) 980-1,040 and cloves (kg) 520-590.
Source: http://www.thehindubusinessline.com/markets/commodities/article2037656.ece
Turmeric settles higher on rising export demand
Turmeric yesterday we have seen that market has moved 0.37% on lower level buying amid anticipation of exports rising in the coming weeks.
With the recent fall in the demand, farmers are ready to sell at lower prices as they need money for repaying their loans taken from local money lenders. However, stockiest are still not going for bulk buying due to higher production estimates which is limiting the overall movement at sot market.
This year total turmeric production is estimated around 65 lakh bags against 46-48 lakh bags last year. In Nizamabad, a major spot market in AP, the price ended at 8445.85 rupees gained by 11.1 rupees. Market has opened at 8100 & made a low of 8040 versus the day high of 8232.
The total volume for the day was at 6570 lots and the open interest was at 8970.Support for turmeric is at 8016 below that could see a test of 7932. Resistance is now seen at 8208 above that could see a resistance of 8316.
Trading Ideas:
Turmeric trading range is 7932-8316.
Turmeric gained on lower level buying amid anticipation of exports rising in the coming weeks
Turmeric is having resistance at 8208 and support at 8016 level.
NCDEX accredited warehouses turmeric stocks rose by 20 tonnes to 885 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 8445.85 rupees gained by 11.1 rupees.
Courtesy: Kedia Commodities
Saturday, May 7, 2011
Turmeric continues downtrend on arrival pressure
Turmeric spot market at Nizamabad will remain close till Saturday due to labor problems. Futures continued to add to losses of the previous day and settled 1.34% lower on Thursday.
Turmeric stocks in the NCDEX warehouse are at 705 MT as on 2nd May 2011.
Production, Arrivals and Exports
Arrivals at the Erode mandi stood at 20,000 bags on Wednesday as compared to 16,000 bags on Tuesday.
Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag= 70 kgs) compared to 48 lakh bags during the previous year. According to Spices Board of India exports of Turmeric from India during April 2010- February 2011 stood at 42,500 tonnes as compared to 46,575 tonnes in 2009-10, a decline of 9%.
Outlook
Turmeric prices in the intraday will trade sideways to down due to reduced offtakes by the local stockists.
Price trend in the short term (till May) are likely to depend on the arrivals and demand from the overseas and domestic buyers.
In the medium to long term (June onwards) turmeric prices will take cues from the turmeric stocks at the domestic market and onset of monsoon in the major growing regions.
Courtesy: Angel Commodities
Thursday, May 5, 2011
Turmeric declines on arrival pressure
Turmeric prices moved down by 0.71 per cent to Rs 8,444 a quintal in futures trade today following arrival pressure from new season crop in the physical market against sluggish demand.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May shed Rs 60, or 0.71 per cent to Rs 8,444 per quintal, with an open interest of 13,720 lots.
Similarly, the spice for delivery in June declined by Rs 52 or 0.62 per cent to Rs 8,300 a quintal with a business volume of 7,260 lots.
Analysts said besides the arrival of new season crop in the market, subdued demand influenced the trading sentiments here and led to the fall in prices.
(Source: http://www.thehindubusinessline.com/markets/commodities/article1993295.ece)
Wednesday, May 4, 2011
Turmeric tumbles on selling pressure
Turmeric futures traded continued the bearish trend on selling pressure on Monday. Futures started the day on negative note taking cues from subdued demand at spot market activity.
Prices witnessed small recovery on short covering but failed to sustain the gains. Reports of huge arrivals at spot market on Friday continued to weigh on prices and futures ended the day in red.
Outlook
Turmeric May futures are expected to continue the bearish trend on cues from down spot market activity on Tuesday.
Sluggish demand at spot market is likely to support the prices. However, prices are vulnerable to a recovery which might create selling opportunity in market.
Daily arrivals at spot market of Erode were 14,000 bags while Nizamabad spot market will remain closed this week due to labor problem (Each bag=70Kg.).
Reduced bulk buying from stokiest in lieu of further fall in prices is pressurizing the prices. On other side, spot farmer are not ready to sell below `10,000 per quintal and hence reducing supply to the market.
According to traders, this year total turmeric production is estimated around 65 lakh bags against 46-48 lakh bags last year. As per trade sources, huge difference in prices as compared to November-December farmers are not ready to sell but higher production estimates are keeping buying activity very sluggish.
According to derivative analysis, over a period of time prices and volumes are falling while open interest is rising. It is a good indication that a sharp rally against downtrend will develop creating a sell point for downtrend.
Courtesy: Karvy Commtrade Ltd.
Turmeric futures down 1.92% on supply pressure
Analysts said trading sentiments turned weak on adequate stocks following arrivals of new season crop in the market.
At the National Commodity and Derivatives Exchange, turmeric for delivery in May fell by Rs 166, or 1.92%, to Rs 8,458 per quintal, with an open interest of 13,695 lots.
Similarly, the spice for delivery in June lost Rs 116, or 1.37%, to Rs 8,328 per quintal, with a business turnover of 7,420 lots.
(Source: http://www.business-standard.com/india/news/turmeric-futures-down-192supply-pressure-/133960/&tp=on)
Tuesday, May 3, 2011
Turmeric slumps on arrival pressure
Turmeric yesterday we have seen that market has moved -1.68% fell on arrival pressure and sluggish demand. India's turmeric output in 2011 is expected to be higher because of increased acreage.
Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78% to Rs 608.85 crores, During April-February 2010-11.
In Nizamabad, a major spot market in AP, the price ended at 9066.65 rupees dropped by -106.05 rupees.
Market has opened at 8864 & made a low of 8654 versus the day high of 8864. The total volume for the day was at 3605 lots and the open interest was at 14130.
Support for turmeric is at 8603 below that could see a test of 8523. Resistance is now seen at 8813 above that could see a resistance of 8943.
Trading Ideas:
Turmeric trading range is 8517-8937.
Turmeric ended weak on arrival pressure and sluggish demand
Turmeric is having resistance at 8813 and support at 8603 level.
Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78%
In Nizamabad, a major spot market in AP, the price ended at 9066.65 rupees dropped by -106.05 rupees.
Courtesy: Kedia Commodities
Turmeric declines on low production estimates
Turmeric futures continued decline on higher production estimation and arrivals in spot market dampened the sentiments. However less arrivals compared with previous day s’ had supported the prices from further decline.
Spot prices remained steady and fresh arrivals in Nizamabad and Erode is estimated near 7000 bags and 10000 bags respectively.
However robust demand for the salem crop had supported the prices. Production is expected on the higher side due to increased acreage of cultivation due to good monsoon.
Production in 2011 is expected around 65-70 lakh bags compared with 45 lakh bags in the last year.
Courtesy: Geojit Comtrade Limited
Saturday, April 30, 2011
Turmeric weakens on weak domestic demand
Turmeric spot prices at Nizamabad and Erode were quoted at lower rates due to weak demand from the local stockists and overseas buyers. Prices at spot market as well as futures settled 0.19% and 0.22% lower on Thursday.
Production Arrivals and Exports
Arrivals at the Erode and Nizamabad mandi stood at 18,000 bags and 9,000 bags respectively on Thursday. This is higher by around 2,000 bags and 1,000 bags compared to previous day.
Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag— 7o kgs) compared to 48 lakh bags during the previous year.
Outlook
Turmeric prices in the intraday will trade sideways due to reduced offtakes by the local stockists.
Price trend in the short term are likely to depend on the arrivals and demand from the overseas and domestic buyers. In the medium to long term turmeric prices may trade bearish due to increase in the arrivals owing to better production.
Courtesy: Angel Commodities
Wednesday, April 27, 2011
India: Turmeric Ends Down More Than Rs. 100 On Profit Taking
Turmeric futures on NCDEX plunged sharply on profit selling of the previous gains. Vanishing export demand at higher levels added some bearish sentiments in the market.
As per the latest release from the Spices Board of India, Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78% to Rs. 608.85 crores, During April-February 2010-11.
Demand from other part of country has also slowed down which is also pulling down the prices. As per trade sources, turmeric production in 2011 is estimated around 65 lakh bags against 45-48 lakh bags last year (Each bag=70Kg.).
The NCDEX Yellow spice for the May delivery touched the low of Rs. 8866 and ended the day lower by Rs. 132 or 1.46% at Rs. 8914 per 100 kg. The open interest dipped 0.98% to 13710 tonnes, indicating profit selling. Volume traded dipped to 5,790 tonnes from 6,880 tonnes.
Turmeric recovers on reduced arrivals
Turmeric futures traded higher on fresh buying on Tuesday. Futures started the day on slightly lower note on extended selling.
However, prices resumed buying on corrections and traded higher. Reduced arrivals at spot market also supported the upside and futures ended the day on positive note.
Outlook
Turmeric May futures are expected to continue the gains on follow through buying on Wednesday. Reduced arrivals pressure at spot markets across India might support the prices.
On other side, sluggish demand from stockiest might pull down the prices later in the day. Therefore, we expect prices to trade very volatile today.
Daily arrivals at spot markets of Erode and Nizamabad were 10,000 and 18,000 bags respectively (Each bag=70Kg.).
Due to prevailing lower prices at spot farmer are not brining much stock for auction in lieu of rise in prices amid reduced supply. Demand from other part of country has also slowed down which is also weighing on the prices.
As per trade sources, turmeric production in 2011 is estimated around 65 lakh bags against 45-48 lakh bags last year (Each bag=70Kg.).
According to derivative analysis, prices and volumes are rising while open interest is falling. Market has a lot of traders initiating from both sides but larger traders may be liquidating into the higher prices.
The market may be vulnerable to large price swings as shorter time frame traders attempt to trade from both sides of the market but liquidating before end of day.
Courtesy: Karvy Commtrade Ltd.
Tuesday, April 26, 2011
Turmeric plunges on arrival pressure
Turmeric yesterday we have seen that market has moved -0.16% on arrival pressures, though demand at lower levels arrested the fall.
Turmeric arrivals in the benchmark Nizamabad mandi stood steady at 7,000 bags and the arrivals at Erode in the state of Tamil Nadu were at 22,000 bags.
In Nizamabad, a major spot market in AP, the price ended at 9147.6 rupees dropped by -152.4 rupees. Market has opened at 8810 & made a low of 8742 versus the day high of 8920.
The total volume for the day was at 2320 lots and the open interest was at 14850.Support for turmeric is at 8745 below that could see a test of 8655. Resistance is now seen at 8923 above that could see a resistance of 9011.
Trading Ideas:
Turmeric trading range is 8650-9006.
Turmeric dropped on arrival pressures, though demand at lower levels limited the fall
Turmeric is having resistance at 8923 and support at 8745 level.
Turmeric arrivals in Nizamabad mandi stood steady at 7,000 bags and the arrivals at Erode were at 22,000 bags.
In Nizamabad, a major spot market in AP, the price ended at 9147.6 rupees dropped by -152.4 rupees.
Courtesy: Kedia Commodities
Pepper, turmeric rise on low stocks
Black pepper and turmeric prices rose up to Rs 500 per quintal in the national capital today on fresh buying by stockists and exporters amid low stocks.
Restricted arrivals from producing belts also put pressure on the prices.
Black pepper prices rose further by Rs 500 to conclude at Rs 27,800-28,000 per quintal on reports of lower production, firm international rates, and improved domestic and export demand.
Turmeric prices also traded higher at Rs 12,000-16,700 against previous closing of Rs 11,800-16,500 per quintal.
Traders said sentiments turned better following rising domestic and export demand against low stocks, in tandem with a firming trend at futures market, helping pepper and turmeric prices to trade higher.
Following are today's quotations in Rs per quintal:
Ajwain 17,000-23,000, black pepper common 27,800-28,000, betelnut (kg) 110-120, cardamom brown-Jhundiwali (kg) 1,020-1,040, and cardamom brown-Kanchicut (kg) 1,150-1,300
Cardamom small (kg): Chitridar 870-930, cardamom (colour robin) 920-940, cardamom bold 930-950, cardamom extra (bold) 1,110-1,130 and cloves (kg) 520-570
Chirounji (new) (kg) Rs 450-500 Dry mango (raipur) Rs 9,000-11,000 Dhania Rs 6,000-10,000 Dry ginger Rs 17,500-22,000 Kalaunji Rs 9,000-10,000 Mace-Red (kg) Rs 1,800-1,900 Mace-Yellow (kg) Rs 1,650-1,750
Methiseed Rs 3,000-4,000 Makhana (kg) Rs 250-300 Nutmeg Rs 720-760 Poppyseed (KG Turkey) Rs 160 Poppyseed (KG MP-RAJ) Rs 170-225 Poppyseed (KG Kashmiri) Rs 175 Red chillies Rs 7,000-13,800
Saffron (kg) Irani Rs 60,000-70,000 Saffron (kg) Kashmiri Rs 90,000-1,15,000 Soanf-bold Rs 10,000-14,000 Turmeric Rs 12,000-16,700 Tamarind Rs 2,900-3,300 Tamarind without seed Rs 5,000-8,000
Tea (kg) Rs 60-210 Watermelon kernel (Kg) Rs 135 Jeera common Rs 15,100-15,200 Jeera best Rs 17,100-17,200
(Source: http://www.business-standard.com/india/news/pepper-turmeric-riselow-stocks/133184/&tp=on)
Monday, April 25, 2011
Spot turmeric prices dip on lukewarm demand
The price of spot turmeric decreased by Rs 300 a quintal on Monday due to lack of demand.
“After a three-day closure, the turmeric market reopened on Monday. Expecting good price for the commodity, the grower farmers brought more than 18,000 bags of turmeric for sale. But they were disappointed as the price decreased,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
“But traders purchased about 40-50 per cent of the product to fulfill local orders. In addition masala manufacturers also placed orders with the bulk buyers,” he added.
Mr Ravishankar said that the price of the commodity has not appreciated in other markets like Nizamabad and Sangli. In futures also the prices remained low, so the traders in Erode have quoted low price for the spot turmeric. The same price will prevail for some days, he hoped.
In the Erode Turmeric Merchants Association Sales Yard, finger variety was sold at Rs 7,599-9,691 a quintal, root variety was at Rs 7,374-8,989 a quintal.
Salem Crop: Finger variety fetched Rs 9,691-10,409 a quintal, root variety Rs 8,534-9,190 a quintal. Out of the 5,636 bags that arrived, about 500 were sold.
In the Gobichettipalayam Agricultural Cooperative Marketing Society, finger variety was sold at Rs 9,019-9,689 a quintal, root variety at Rs 8,729-9,007. All the 365 bags kept for sales were sold.
In Regulated Marketing Society, finger variety was sold at Rs 8,812-9,380 a quintal, root variety at Rs 8,219-8,669 a quintal. Out of the 1,339 bags that arrived, 1,088 were sold
(Source: http://www.thehindubusinessline.com/markets/commodities/article1766239.ece)
Turmeric settles higher on active buying
Turmeric futures traded on positive note on fresh buying at previous losses on Saturday. Futures started the day on positive note on lower level buying.
However, prices took small correction which created further buying in market and futures ended the day in green.
Outlook
Turmeric May futures are expected to trade slightly lower initially on Monday. Profit selling on higher levels might pull down the prices. However, prices are likely to resume upside on fresh buying at lower levels during the day.
Daily arrivals at spot markets of Erode and Nizamabad were 7,000 and 15,000 bags respectively (Each bag=70Kg.).
As per trade sources, farmers have also reduced supply to market as they want to sell there produce above Rs.10,000 / quintal.
On other hand, demand from other part of country has also slowed down which is also weighing on the prices.
As per trade sources, turmeric production in 2011 is estimated around 65 lakh bags against 45-48 lakh bags last year (Each bag=70Kg.).
According to derivative analysis, prices and open interest are rising while volumes are falling. Market is attracting late buyers & early shorts; market is vulnerable to a sharp correction but likely that that correction will be bought creating a buy point for uptrend.
Courtesy: Karvy Commtrade Ltd.
Saturday, April 23, 2011
Spot turmeric prices decline
Spot turmeric prices dropped Rs. 300 a quintal at Erode on Thursday (21 April 2011) on subdued demand from north Indian traders and dull trade at other turmeric centres. At the Erode Turmeric Merchants Association sales yard, the finger variety sold at Rs. 9,416-9,859 a quintal and the root variety at Rs. 7,002-9,209.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety sold at Rs. 8,027-9,830 and the root variety at Rs. 7,799-8,889. At the Erode Cooperative Marketing Society, the finger variety sold at Rs. 8,669-Rs 9,689 and the root variety at Rs.7,272-8,888. At the Regulated Marketing Committee, the finger variety fetched Rs. 8,916-9,489 and the root variety Rs. 8,699-9,229.
(Source: http://www.indiainfoline.com/Markets/News/Spot-turmeric-prices-decline/3657663086)
Thursday, April 21, 2011
Turmeric plunges on profit booking
Turmeric yesterday we have seen that market has moved -1.52% on profit-booking triggered by adequate stocks in the market following mounting arrivals and subdued spot demand.
Turmeric arrivals in Nizamabad mandi were at 10,000 bags and the arrivals at Erode in the state of Tamil Nadu were at 12,000 bags. In Nizamabad, a major spot market in AP, the price ended at 9456.5 rupees gained by 182.6 rupees.
Market has opened at 8950 & made a low of 8760 versus the day high of 9040. The total volume for the day was at 6345 lots and the open interest was at 14575.
Support for turmeric is at 8693 below that could see a test of 8587. Resistance is now seen at 8973 above that could see a resistance of 9147.
Trading Ideas:
Turmeric trading range is 8581-9141.
Turmeric dropped on profit-booking triggered by adequate stocks in the market
Turmeric is having resistance at 8973 and support at 8693 level.
Turmeric arrivals in Nizamabad mandi were at 10,000 bags and arrivals at Erode were at 12,000 bags.
In Nizamabad, a major spot market in AP, the price ended at 9456.5 rupees gained by 182.6 rupees.
Courtesy: Kedia Commodities
Monday, April 18, 2011
Turmeric falls Rs 500/qtl; 60% of arrivals remain unsold
Spot turmeric prices on Monday dropped another Rs 500 a quintal in Erode on lower demand.
“Bulk buyers have virtually not yet received good orders from other parts of the country, so they are quoting lower price. They are also buying very little quantity Erode,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
He further said: “The price of the turmeric is falling in Maharashtra and Andhra Pradesh. So buyers in North India are waiting for floating orders.”
This has reflected in spot market and prices in the last two sessions have crashed by Rs 2,000 a quintal. Prices have come down to Rs 8,000-9,000 a quintal against Rs 10,000-11,000 last week. Arrivals at Erode are also high and out of 20,000 and odd bags that arrived on Monday, only 40 per cent of the goods were sold.
HIGH PRODUCTION
He said prices will be around this level for some more days. Similar arrivals will continue as the production during this year is high compared with last year.
A farmer said that they did not expect such a low price for turmeric. He expressed the hope that prices might improve soon.
Most of the farmers are refusing to sell at a lower price.
At the Erode Turmeric Merchants Association sales yard, the finger variety fetched Rs 6,966-9,204 a quintal and root variety Rs 6,460-8,864.
Salem Crop: The finger variety was sold at at Rs 8,369-10,598 and the root variety Rs 8,194-9209. Out of total arrival of 6,983 bags, 815 were sold.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 8,010-9,639 and the root variety at Rs 8,010-8,989. Out of arrival of 308 bags, 295 were sold.
In the Regulated Marketing Society, the finger variety was sold at Rs 8,899-9,339 a quintal and the root variety Rs 8,499-8,901. Out of arrival of 935 bags, 600 were sold.
(Source: http://www.thehindubusinessline.com/markets/commodities/article1707081.ece)
