MCX Aluminium under long liquidation; Resistance seen at 143.3
MCX Mentha Oil likely to trade in a range of 1451.8-1554.8
Natural Gas market under short covering; Support seen at 192.8
Crude Oil expected to trade in a range between 4748-5160
Silver market under fresh selling; Support seen at 39085
Technically NCDEX Turmeric is getting support at 6948 and below same could see a test of 6904 level, And resistance is now likely to be seen at 7058, a move above could see prices testing 7124.
Turmeric on NCDEX settled down by 0.91% at 6990 tracking weakness in spot demand on expectation of rise in acreage. Prices also remained under pressure on projection of rise in area under turmeric as farmers are likely to speed up sowing activities following good rainfall.
Overall area is expected to increase by 10-15% on year. Normal monsoon will prompt the farmers to cultivate turmeric as it has got relatively decent returns last season as compared to other crops. Meanwhile, current spot market buying activities are mostly need based amid limited supplies due to lean season.
Farmers and stockists were holding back their old stocks on expectation of higher prices in coming days as current year production is likely to decline due to lower acreage by 40-45% in Tamil Nadu.
As per market sources, currently Nizamabad turmeric stocks were estimated around 1.20 lakh bags (1 bag = 70 kgs) as compared to around 2.00 lakh bags same time last year. Sources revealed that, currently all India Turmeric stocks reported around 20 – 25 lakh bags (1 bag = 70 kgs) as compared to last year 35 – 40 lakh bags.
In Nizamabad market, supply reported up by 108,000 bags during the period and up by 70,000 bags during corresponding period of last year. New crop supply continued in the Nizamabad market. Currently, around 14 – 25% moisture content supplies reported, which is lower from last week. In Nizamabad, a major spot market in AP, the price ended at 7326.25 Rupees dropped 3.5 Rupees.
–Turmeric trading range for the day is 6904-7124.
–Turmeric prices ended with losses tracking weakness in spot demand on expectation of rise in acreage.
–Overall area is expected to increase by 10-15% on year.
–NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 5459 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7326.25 Rupees dropped 3.5 Rupees.
Courtesy: Kedia Commodities