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Tuesday, November 30, 2021

NCDEX Turmeric under fresh buying; Support seen at 6774

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Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 1.69% to settled at 11705 while prices up 24 rupees.

Now NCDEX Turmeric is getting support at 6774 and below same could see a test of 6724 level, And resistance is now likely to be seen at 6852, a move above could see prices testing 6880.

Turmeric on NCDEX settled up by 0.35% at 6826 on expectations of an increase in demand and lower stock in the warehouses. Besides, diminishing arrivals also buoyed the price rise. As per trade information, currently, all India Turmeric stocks are reported around 30 – 32 lakh bags (1 bag = 70 kgs) as compared to last year 40-42 lakh bags, down by around 24%.

Current year new crop supplies likely to enter from first week of February. In Telangana, turmeric sowing was reported at 47,791 hectares as compared to 44,956 hectares in the corresponding period last year.

Current sowing stands at 87% of normal for the season. Normal area reported 54,878 hectares. In Andhra Pradesh, Turmeric sowing reported 17,778 hectares as compared to 14,575 hectares in the corresponding period last year, 99% sowing completed from season normal.

Among major turmeric growing districts, Visakhapatnam has reported 5,646 hectares in acreage compared to last year’s 3,524 hectares, Guntur has reported 3,966 hectares in acreage compared to last year’s 4,270 hectares, YSR Kadapa has reported 3,137 hectares in acreage compared to last year’s 2,909 hectares and Krishna has reported 2,187 hectares in acreage compared to last year’s 1,778 hectares.

Spot turmeric prices at the markets in Erode decreased as only medium quality produce arrived.  In Nizamabad, a major spot market in AP, the price ended at 6900 Rupees gained 12.5 Rupees.

Trading Ideas:
–Turmeric trading range for the day is 6724-6880.
–Turmeric prices gained on expectations of an increase in demand and lower stock in the warehouses.
–All India Turmeric stocks are reported around 30 – 32 lakh bags as compared to last year 40-42 lakh bags, down by around 24%.
–NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 2871 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6900 Rupees gained 12.5 Rupees.

Courtesy: kedia Commodities

Source: Commodityonline.com

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