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Wednesday, May 25, 2022

NCDEX Turmeric under short covering; Resistance seen at 7122

Aluminium market under fresh buying; Support seen at 141.6

Nickel market under long liquidation; Support seen at 939.8

MCX Cotton under fresh buying; Support seen at 23334

MCX Cardamom under fresh buying; Resistance seen at 1363.5

Zinc market under fresh selling; Support seen at 166.2

Technically Turmeric market is under short covering as market has witnessed drop in open interest by 0.37% to settled at 17595 while prices up 100 rupees.

Now NCDEX Turmeric is getting support at 7014 and below same could see a test of 6948 level, And resistance is now likely to be seen at 7122, a move above could see prices testing 7164.

Turmeric on NCDEX settled up by 1.43% at 7078 amid pickup in demand at the spot market. Though, reports of improved sowing from major growing areas of Tamilnadu, Karnataka and Maharashtra capped some gains.

In Telangana, turmeric acreage grew to 46,718 hectare until August 8 from 44,299 hectare a year ago, state government data showed. In Andhra Pradesh, Turmeric sowing reported 12,320 hectares as compared to 7,998 hectares in the corresponding period last year, 68% sowing completed from season normal.

In Telangana, Turmeric sowing as on 01 August 2018 reported 46,692 hectares as compared to 41,715 hectares in the corresponding period last year. 85% sowing completed from season normal. As per estimates, in normal monsoon condition Turmeric all India area may go up by 12 – 14% as compared to last year due to higher prices.

Spot turmeric prices decreased at the markets in Erode due to the non-receipt of fresh upcountry demand. Further, the second turmeric sale season will start by September, so the farmers, expecting good price for their produce, held back and brought only medium and poor quality turmeric.

Around 2,600 bags arrived for sale and 60 per cent were sold. At the Erode Turmeric Merchants Association, finger turmeric went for Rs. 5,798-8,222 a quintal; root variety for Rs. 5,488-7,333. Of the 2,461 bags on sale, 908 were traded. In Nizamabad, a major spot market in AP, the price ended at 7071.05 Rupees gained 100 Rupees.

Trading Ideas:
–Turmeric trading range for the day is 6948-7164.
–Turmeric prices ended with gains amid pickup in demand at the spot market.
–Though, reports of improved sowing from major growing areas of Tamilnadu, Karnataka and Maharashtra capped some gains.
–NCDEX accredited warehouses turmeric stocks dropped by 287 tonnes to 4990 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7071.05 Rupees gained 100 Rupees.

Courtesy: Kedia Commodities             

Source: Commodityonline.com

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