Commodity Research Desk
Turmeric Insight
February 4, 2015
Technical Recommendation:
Commodity
Contract S2
S1
CLOSE R1
R2
Recommendations
Turmeric NCDEX
Apr-15
8104
8172
8273
Sell at 8200-8230 TP 8120/8050 SL 8310
8043
8225
NCDEX Futures Price Daily Performance
Open
Exchange
Contract
High
Low
Last
Chng (%)
Vol
Chng (%)
OI
Chng (%)
Turmeric (NCDEX)
April
8070
8224
8060
8172
1.2%
8985
-9.1%
32195
-0.3%
Turmeric (NCDEX)
May
8194
8284
8176
8228
1.1%
645
-14.6%
6570
2.1%
Turmeric (NCDEX)
June
8278
8360
8278
8336
1.07%
25
-66.7%
490
-1.0%
Review:
Turmeric futures prices extended its bullish trend
due to declined arrivals in spot markets on
Monday.
Turmeric spot prices at Nizamabad market rose
by Rs.300/quintal.
The daily reported arrivals stood at around 4500
bags, higher by 3500 bags from its previous close.
Turmeric prices started the day on slightly
positive note on lower level buying. However, this
gain remains limited due to rising fresh crop
arrivals in spot markets.
Hence, turmeric April future contract ended the
day in the green at Rs.8172/quintal, up by 1.2%
Physical Market Price Performance
Date
Finger Variety
Gattah Variety Arrivals
02/02/15
7700
6700
03/02/15
7700
7000
4500
0
300
-3500
0.0%
4.5%
-43.8%
Change
% Change
8000
Derivative Analysis (Active Contract)
8800
41000
8600
36000
8400
31000
8200
26000
8000
21000
7800
16000
7600
7400
11000
Outlook:
7200
6000
Turmeric prices are expected to trade on downside due to
rising fresh crop arrivals in physical markets. Demand in
small amount from local masala buyers also supported
recovery in turmeric prices. However, this recovery is
expected to remain short lived due to prevailing cold
wave conditions in north are resulting in subdued
demand. According to derivative analysis, prices have
increased while volumes and open interest have declined.
It is an indication that market is running out of traders,
who are willing to open or hold the positions. Therefore,
looking at the overall factors we recommend trading
turmeric in the selling side for the day.
7000
1000
21/Jan
23/Jan
28/Jan
OPEN_INT
PX_VOLUME
30/Jan
3/Feb
PX_LAST
Calendar Spread (May - April)
100
90
80
70
60
50
40
30
20
10
0
0/Jan
22/Jan
27/Jan
29/Jan
2/Feb
Spread (May-Apr)
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