Tips for Trading Turmeric in Commodity Market

[italkcash]

Get to know more about trading the commodity Turmeric for easy trading.
Turmeric is known as a very ancient herb. It is also used as a spice by many a families in India. Turmeric is also used as a dye when powdered in some places. It is also said that Turmeric existed from 5000 years and belongs to the family of Ginger. Turmeric is a rootstalk and its plant is about 4-5 feet in height.

Trading of Turmeric


Turmeric trading takes place in the Indian Commodity Market. It is traded in the two exchanges called as National Commodity & Derivatives Exchange Limited and The Spices and Oil seeds Exchange Limited. In India, Turmeric is also traded at Centers like Nizamabad and Dugirala from Andhra Pradesh, Sangli from Maharashtra, Salem, and Erode and from Coimbatore which is in the state of Tamil Nadu.

The ticker symbol of Turmeric is TMCFGRNZM in the NCDEX trading system. Currently, the trading timings of turmeric from Monday to Friday are from 10.00am to 5.00pm. On a Saturday, it is traded from 10.00am to 2.00pm. The date of delivery of this commodity is on the 20th of every month. If 20th are a weekend or a holiday, then the due will be the very next trading day of the exchange.

The daily price limit of turmeric is +/- 2 %. If the price of the commodity touches this limit, then the trading continues with the same limit of 2% for 15 minutes from the time the limit is reached. Trading is not permitted beyond the price limit of +/-4% in a day from the close of the previous day.
The contracts which shall launch in August 2011 shall expire in the month of November 2011.

Countries Which produce Turmeric



There are many countries other than India which produce about 800000 tons of turmeric every year. India has a major contribution of about 75% of the worlds total turmeric production. It is estimated that India alone produces about 600000 tons out of the 800000 tons which is produced every year. India is also the leading exporters of turmeric. Some of the major importing countries of turmeric are Japan, Sri Lanka, UAE, Iran, United States, United Kingdom and Ethiopia.

Some of the countries which produce turmeric are India, Pakistan, Bangladesh, Sri Lanka, China, Taiwan, Indonesia, Peru, Brazil, Thailand, Vietnam, Korea, Costa Rica, and Haiti etc.

Importance of Turmeric in India:


Turmeric is known to be very auspicious in India. It is also used in many of the Indian Hindu ceremonies. Andhra Pradesh is known to be the largest Turmeric producing state in the country. The turmeric produced in India is also known to be of the best quality in the World.

The Current Trading Price:

The price Turmeric was last traded at the NCDEX for the August contract was at Rs. 7236 per quintal. It is lower by 3.11 % from the previous days closing. Turmeric traded in the range of Rs. 7186- 7428 in its previous sessions. The Open Interest is 7505 lots till the last session.

[anora]

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[rawtherspices]

DRY GINGER
Botanical names: Zingiber officinale
Family name: Zingiberaceae

Zingiber officinale, is a perennial creeping plant, with thick tuberous rhizome, producing a an erect stem 1-3 ft tall. Ginger is the underground stem of the ginger plant. It has a fiery and pungent flavor. Ginger has several medicinal uses, commonly known for its effectiveness as a digestive aid.

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