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Thursday, October 21, 2021

Turmeric market under short covering; Support seen at 7150

Copper market under fresh selling; Support seen at 408.8

Natural Gas likely to trade between 185-194.8 levels

MCX Crude Oil may trade in a range between a 4538-4844

Silver market under fresh selling; Support seen at 37978

MCX Cotton under long liquidation

Technically Turmeric market is under short covering as market has witnessed drop in open interest by 5.11% to settled at 14300 while prices up 76 rupees.

Now NCDEX Turmeric is getting support at 7150 and below same could see a test of 7038 level, And resistance is now likely to be seen at 7336, a move above could see prices testing 7410.

Turmeric on NCDEX settled up by 1.06% at 7260 owing to fall in arrivals amid sustained demand. Local mandi arrivals have declined with lean season amid healthy demand growth prospects. At Warangal market, estimated market supply was at 2000 bags, steady as against previous day’s arrival.

At Erode market, total arrivals are at 2500 bags, up by 500 bags as compared to previous day. At Duggirala market, estimated market supply was at 7000 quintals, up by 2000 quintals as compared to previous day.

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 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 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 7356.8 Rupees gained 11.55 Rupees.

Trading Ideas:
–Turmeric trading range for the day is 7038-7410.
–Turmeric prices gained owing to fall in arrivals amid sustained demand.
–At Erode market, total arrivals are at 2500 bags, up by 500 bags as compared to previous day.
–NCDEX accredited warehouses turmeric stocks gained by 21 tonnes to 5499 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7356.8 Rupees gained 11.55
Rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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