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Tuesday, May 17, 2022

Turmeric market under fresh selling

MCX Crude Palm Oil market under short covering

Soyabean market under fresh buying; Support seen at 3317

Cotton market under fresh selling; Support seen at 23364

Mentha Oil market under short covering; Support seen at 1638.3

MCX Aluminium may trade between 140.6-144.4 levels

Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 1.25% to settled at 17370, now Turmeric is getting support at 6956 and below same could see a test of 6902 level, And resistance is now likely to be seen at 7060, a move above could see prices testing 7110.

Turmeric on NCDEX settled down by 0.28% at 7010 on weak demand and higher acreage. Moreover, though the traders did not receive any fresh upcountry orders, they purchased good number of bags for their local supply as medium quality turmeric arrived for sale.

However, upside seen limited in anticipation of higher sowing and stocks are also comfortable. In Telangana, turmeric acreage rose to 46,692 hectare until August 1 from 41,715 hectare a year ago, State Government data showed. Overall area under turmeric may increase by 10-15% yearly mainly due to rise in acreage in Telangana.

Turmeric imports in the month of May surged by 89.3% to Rs 38.43 billion compared to Rs 20.30 billion in the same period last year, according to Ministry of Commerce data. Spot turmeric prices decreased at the markets in Erode as there were limited bags offered for sale.

Only 2,500 bags of turmeric arrived and 70 per cent were sold. Though the traders did not receive any fresh upcountry orders, they purchased good number of bags for their local supply as medium quality turmeric arrived for sale.

Finger variety was down at the Regulated Marketing Committee by Rs. 300 a quintal and Rs. 250 a quintal at the Erode Cooperative Marketing Society, while root variety lost Rs. 500 and Rs. 200 at the Regulated Marketing Committee and at the other two markets respectively.

In Nizamabad, a major spot market in AP, the price ended at 7071.05 Rupees dropped -59.9 Rupees.    

Trading Ideas:
–Turmeric trading range for the day is 6902-7110.
–Turmeric prices ended with losses on weak demand and higher acreage.
–In Telangana, turmeric acreage rose to 46,692 hectare from 41,715 hectare a year ago, State Government data showed.
–NCDEX accredited warehouses turmeric stocks gained by 41 tonnes to 5257 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7071.05 Rupees dropped -59.9 Rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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