Turmeric Contracts Technically In Oversold Zone - Aug 09 , 2008

The Turmeric futures extended the previous sessions loss on the long position liquidation influenced by the favorable weather in the major growing areas. The NCDEX Turmeric futures benchmark October contract, which touched the lower circuit on Thursday, drifted lower further nearly Rs 81 or 1.99% to the session’s low of Rs 3990 per quintal. The counter currently doing the business at the sessions low and the open interest in the contract decreased 0.98% to 23090 lots, indicating long position liquidation. The contract slumped more than 24% from the contract high of Rs 5267 per quintal as on 19-07-08.

Technically the prices are hovering far below the short term and long term EMA’s, indicating short term and long-term trend remains bearish. The MACD entered in the bearish zone, it also supporting the weakness. The RSI entered in the oversold zone, the 14 day RSI currently hovering at 24.71, indicating the contract is in the oversold zone.

Turmeric Prices Stay Low As Rains Push Up Output - July 30 , 2008

MUMBAI : Turmeric extended losses for a third session on Tuesday on subdued demand in the spot market and rainfall in the main producing belt, which would accelerate delayed cultivation, analysts said.

“Rainfall has been putting pressure on prices. Rainfall has increased moisture level and cultivation has been progressing well in Maharashtra and Andhra Pradesh,” said Vandana Bharti, a senior analyst at SMC Comtrade.

Andhra Pradesh, Maharashtra, Karnataka and Tamil Nadu, the major producing states, have been receiving rains for last four days. Demand was sluggish from domestic and oversees buyers and that pulled down spot prices, said an analyst at Agriwatch.

In Nizamabad, a key spot market in Andhra Pradesh, the price fell Rs 10 to Rs 4,585 per 100 kg. A likely drop in acreage in 2008-09 due to scanty rains in main cultivating regions during the vital cultivation period capped the downside, said an analyst at Delhi-based commodity brokerage.

The main producing states received lower rains from June 1 to July 23 compared to the long-term average, weather department data showed. Recent showers were also helping the planted crops, said a trader based in Nizamabad.

Traders estimate reduced acreage and unseasonal rains in March to cut output in 2007-08 to 4.2 mn bags of 70 kg each from 5.4 mn bags a year ago. Meanwhile, chilli for August delivery trimmed early gains to end lower on

Tuesday tailing a weak spot market where exporters slowed down buying due to rainfall, analysts said.

Recent showers over Andhra Pradesh, the biggest producer, erased fears of lower output due to scanty rains during mid-June to mid-July, said an analyst at a Mumbai-based commodity brokerage. In Guntur, a key spot market in Andhra Pradesh, price was down Rs 41 at Rs 5,111 per 100 kg.

Exporters were buying slowly due to rainfall, which makes handling of the spice difficult, traders said. However, an expected rise in export demand pushed up October futures contract. Chilli exports in the first three months of FY09 rose 16.3% to 67,000 tonnes, the Spices Board said on Friday.

Turmeric Future Touches Lower Circuit - July 22 , 2008

Mumbai: Chilli, pepper and turmeric touched the lower circuit of 2 per cent in NCDEX on July 21. Chilli declined by 2.91 pr cent to Rs 5,665 a quintal on long liquidation coupled with firm spot market due to lack of export demand. Profit taking cut down pepper by 2.68 per cent to Rs 14,705 a quintal. Turmeric drop 2.13 per cent to Rs 4,875 a quintal on incessant rain in Nizamabad, the major turmeric growing region. Jeera was declined 1.71 per cent at Rs 13,831 a quintal on good arrivals in the spot markets.

Turmeric Futures Rise As Cultivation Gets Delayed - July 5, 2008

MUMBAI: Turmeric futures ex MUMBAI: Turmeric futures ex MUMBAI: Turmeric futures ex tended gains to hit a new contract high on Friday, tracking a firm spot market and on slower pace of cultivation in the main producing states due to lower rainfall, analysts said. “Sowing operations are lagging behind compared to last year and they are providing opportunity to traders to speculate about the next year’s output,” said Abhay Lakhwan, an analyst at Religare Commodities. Andhra Pradesh, the biggest producer, received very low rainfall in mid-June, which delayed cultivation by a fortnight. Earlier this week, the state received rainfall in some parts, but traders said it was not sufficient for cultivation. Cultivation was also delayed in some parts of Maharashtra. Turmeric cultivation starts with the arrival of monsoon rains in June in southern and western states, the major producers. In Nizamabad, a key spot market in Andhra Pradesh, price rose Rs 28 to Rs 4,208 per 100 kg. The benchmark August contract on NCDEX hit new high of Rs 4,555 per 100 kg in afternoon trade. , but had given up part of the gains by the evening, when profit-taking emerged.

Turmeric Futures In NCDEX Hit The Upper Circuit Of 4 Pc

Mumbai: Turmeric futures in NCDEX on Tuesday hit the upper circuit of 4 per cent at Rs 3,753 a quintal following firm demand in the spot markets and easing arrivals.

Pepper and barley futures also hit the upper circuit at 3.64 per cent and 3 per cent at Rs 15,158 per quintal and Rs 1,270 per quintal respectively. Barley gained on strong demand in the spot markets.

Maize was up marginally by 0.91 per cent at Rs 830 per quintal on good demand in the Nizamabad spot markets.

Cocud recovers

Cocud prices recovered by 1.67 per cent at Rs 445 per 50 kg on firm demand for cotton and other edible oil complex.

Tracking the weak international markets, soyabean futures lost 0.63 per cent to Rs 2,335 per quintal.

Pressure on soya complex prices in eCBOT eased after farmers in Argentina called off their agitation, thus paving the way for negotiations with the government to scrap export duty on farm products.

Sugar fell 0.49 per cent at Rs 1,420 per quintal on lacklustre.

Cardamom futures in MCX hit the upper circuit at 3 per cent on good export demand and low arrivals at the auction centres. Mentha dipped 1.03 per cent to Rs 472 per kg on profit booking after the last week’s rally in prices.

MCX recorded a turnover of Rs 4,866 crore up to 5 pm, while it was Rs 1,825 crore on NCDEX.

Turmeric Futures Hit Lower Circuit

Mumbai: The Government anti-inflationary measures such as imposition of inventory limits by the State Governments and possible ban on futures trading in essential commodities continue to affect sentiments of traders in the commodity futures exchanges.

Almost all the agriculture commodities were locked at their lower circuit on Tuesday.

Chana for May delivery on NCDEX fell 3.98 per cent to Rs 2,629 per quintal on panic selling after Government officials conducted raids on traders to check their inventories in Maharashtra and Delhi.

Turmeric was frozen at the lower circuit of 4 per cent at Rs 3,024 per quintal on heavy selling and long liquidation. Guar gum and guarseed dipped 3.73 per cent and 3.71 per cent to Rs 4,438 per quintal and Rs 1,790 per quintal respectively due to weak spot markets and good south-west monsoon forecast.

Maize shed 3.02 per cent to Rs 739 per quintal on unconfirmed news that exports will be banned to rein in high inflation.

Soya gains

Soya oil futures topped the list of gainers as the most active May contract ended the session at Rs 590 per 20 kg, up 2.51 per cent. Strong sentiment in international edible oil market and rally in Crude Oil prices pushed up soy oil futures.

Good demand in the Guntur spot markets pushed up chilli futures 1.94 per ent to Rs 4930 per quintal. Sharp rise in soyameal prices supported soyabean futures to gain 1.78 per cent to Rs 2,200 per quintal. Strong stockists and millers demand saw mustard seed futures rise marginally by 0.87 per cent to Rs 548 per 20 kg.

MCX recorded a turnover of Rs 4,356 crore up to 5 pm, while it was Rs 2,068 crore in NCDEX.

Short Covering Pushes Up Turmeric Futures

Mumbai: Trading on the commodity futures exchanges continued to remain lacklustre on Tuesday.

Barley hit the lower circuit of 3.71 per cent at Rs 1,096 per quintal due to increase in arrivals from rabi harvest. Maize fell 1.25 per cent to Rs 752 per quintal on long liquidation coupled with arrival pressure.

Chana lost nearly one per cent to Rs 2,523 per quintal on weak spot markets and higher arrivals.

Firm global markets pushed kapas futures up 1.46 per cent to Rs 508 per 20 kg.

Castor seed gained 1.24 per cent to Rs 523 per 20 kg on strong export demand. “There was a good export demand and arrivals in the spot markets were thin due to the recent rain in Gujarat,” said a trader.

Short covering pushed up turmeric futures by 0.99 per cent to Rs 3,160 per quintal. Guar seed and gum recovered by 0.81 per cent and 0.73 per cent to Rs 1,857 per quintal and Rs 4,572 per quintal on fresh buying at lower levels.

Cardamom on MCX traded on positive note at Rs 654 per quintal with limited supplies to auction centres.

MCX recorded a turnover of Rs 4,208 crore up to 5 pm, while it was Rs 1,903 crore in NCDEX.

Turmeric Futures Gain On Hopes Of Output Fall

Mumbai: Turmeric futures in NCDEX gained 2.39 per cent to Rs 3,262 per quintal on expectation of a fall in rabi output. Taking the cue from international markets, soybean moved up 1.65 per cent to Rs 2,255 per quintal.

After the recent correction, pepper futures were up 1.44 per cent to Rs 14,531 per quintal. Kapas rose marginally by 0.45 per cent to Rs 513 per 20 kg on higher export demand. Chana regained much of its loss in the first session to close with a minor gain of 0.36 per cent at Rs 2,822 per quintal.

Wednesday’s fall continued in guarseed and guar gum, whose futures lost 2.37 per cent and 1.36 per cent to Rs 4,570 per quintal and Rs 1,881 per quintal respectively.

Guar counter turned weak on reports that the European Union has decided to probe further the source of contamination in guar gum recently exported from India. India controls 80 per cent of world guar gum trade and Europe is a major importer.

Chilli weak

Chilli fell 0.99 per cent to Rs 3,898 per quintal on weak sentiment in the physical market. Barley shed 0.98 per cent to Rs 1,075 per quintal on account of long liquidation after the recent rally.

On MCX, potato hit the lower circuit of 3.87 per cent to Rs 567 per quintal on increased arrivals and lower demand from stockists.

Potato, Turmeric Futures Hit Upper Circuit

Mumbai: Lowering of circuit to two per cent and four per cent on Monday had its impact in agriculture commodity futures trading with turmeric and potato hitting the upper circuit, while chilli was locked at the lower circuit. Jeera which initially hit the lower circuit of 2 per cent pared much of its losses but still closed in the red at Rs 8,855 per quintal. Run-up to Budget 2008-09

Turmeric futures in NCDEX gained 2.44 per cent to Rs 3,152 per quintal with buying mostly done by stockists.

Mentha up

Strong spot markets pushed up mentha futures on MCX by 1.65 per cent to Rs 443 per kg. Chana closed flat at Rs 2,617 per quintal on lower production estimates.

Chilli dropped to the lower circuit at 3.51 per cent to Rs 3,902 per quintal as arrivals improved to 70,000 bags from 20,000 bags last week.

Cocud and sugar closed lower 0.92 per cent at Rs 407 per 20 kg and 0.64 per cent at Rs 1,404 per quintal, respectively.