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Friday, December 3, 2021

NCDEX Turmeric under fresh selling; Support seen at 6689

NCDEX Mustard Seed under fresh selling; Resistance seen at 4217

MCX Crude Palm Oil under short covering; Support seen at 590.9

NCDEX Ref Soy Oil under short covering

NCDEX Soyabean under long liquidation

MCX Nickel under fresh selling; Support seen at 908.9

Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 2.65% to settled at 12015 while prices down 62 rupees.

Now NCDEX Turmeric is getting support at 6689 and below same could see a test of 6615 level, And resistance is now likely to be seen at 6839, a move above could see prices testing 6915.

Turmeric on NCDEX settled down 0.91% at 6764 on profit booking amid increase in sowing area this season while the supplies are seen lower ahead of new season. 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.

Trading Ideas:
–Turmeric trading range for the day is 6614-6914.
–Turmeric prices dropped on profit booking amid increase in sowing area this season while the supplies are seen lower ahead of new season.
–Turmeric sowing in Telangana was reported at 47,791 hectares as compared to 44,956 hectares in the corresponding period last year.
–NCDEX accredited warehouses turmeric stocks dropped by 24 tonnes to 2847 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6900 Rupees dropped 40 Rupees.

Courtesy: Kedia Commodities          

Source: Commodityonline.com

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