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Saturday, August 13, 2022

NCDEX Turmeric under fresh buying; Support seen at 6618

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Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 4.03% to settled at 11610 while prices up 62 rupees.

Now NCDEX Turmeric is getting support at 6618 and below same could see a test of 6560 level, And resistance is now likely to be seen at 6716, a move above could see prices testing 6756.

Turmeric on NCDEX settled up by 0.94% at 6678 on anticipation of upcountry demand and on poor quality stocks. Besides, restricted supplies from growing regions also added to the upside. However, upside seen limited due to improved sowing and lower exports demand and tracking higher acreage during current season at key turmeric growing regions.

The spot market is likely to get festive demand in coming weeks which can prompt buying again in turmeric. In Telangana, Turmeric acreage was reported at 47,114 hectares in the corresponding period last year.

Current sowing stands at 86 percent of normal for the season. Among major Turmeric growing districts Nizamabad has reported 13,965 hectares in acreage compared to last years 12,800 hectares and Warangal(Rural) has reported 5,521 hectares of average compared to last years 4,250 hectares.

In, Andhra Pradesh, Turmeric sowing as on 23 august 2018 reported higher at15,612 hectares as compared to 15 ,612 hectares compared to 13,573 hectares in the corresponding period last year,87 percent sowing completed from season normal.

In Maharashtra, Turmeric new crop almost completed in Sangli mandi. Turmeric sowing has almost been completed in major growing regions. During the August, arrivals of turmeric have been higher at 14,941 t (Vs 12,983 t) compared last year, as per data.

The export of turmeric was higher by 5% at 12,755 tonnes in June 2018 compared to last years’ exports.  In Nizamabad, a major spot market in AP, the price ended at 6909.4 Rupees gained 60 Rupees.

Trading Ideas:
–Turmeric trading range for the day is 6560-6756.
–Turmeric on prices gained on anticipation of upcountry demand and on poor quality stocks.
–However, upside seen limited due to improved sowing and lower exports demand and tracking higher acreage during current season.
–NCDEX accredited warehouses turmeric stocks dropped by 180 tonnes to 4368 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6909.4 Rupees gained 60 Rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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