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Saturday, August 13, 2022

NCDEX Turmeric under fresh buying; Resistance seen at 6748

MCX Cotton under fresh selling; Resistance seen at 22430

MCX Cardamom under fresh buying; Support seen 1415.2

NCDEX Jeera likely to move in a range of 20740-21780

NCDEX Mustard Seed may trade between 4133-4191 levels

Crude Oil market under short covering; Support seen at 4572

Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 19.6% to settled at 9245.

Now NCDEX Turmeric is getting support at 6582 and below same could see a test of 6510 level, And resistance is now likely to be seen at 6748, a move above could see prices testing 6842.

Turmeric settled flat on profit booking after prices gained due to drought condition in Maharashtra and Karnataka affect Turmeric standing crop. Deficit rainfall reported in Maharashtra Marathwada turmeric growing regions like Hingoli, Sangli, Nanded, Basmat etc. affecting turmeric standing crop.

As per local trade information, standing crop likely to damage around 10 – 20% currently, if higher temperature will continue next 15 – 20 days damage percentage may go up to 30 – 40%. Rainfall deficit by -87% from 01-10-2018 to 31-10-2018.

Current year due to higher prices Turmeric sowing area go up by 5 – 6%, as some new area has come up. Turmeric sowing in all the major producing states is higher than last year and weather also remained favourable.

According to the Department of Horticulture and Plantation Crops of Tamil Nadu, acreage of turmeric in Erode may jump nearly 80% on year to 5,300 hectare in 2018-19 (Jul-Jun) because of very good rainfall this year and availability of other water sources.

In Telangana, turmeric acreage rose to 47,790 hectare compared to 44,956 hectare a year ago, state government data showed. In Andhra Pradesh farmers planted turmeric over an area 18,000 hectares up from 14,000 hectares a year ago.

During the September, arrivals of turmeric have been higher at 12,478 t (Vs 10,978 t) compared last year, as per data.  In Nizamabad, a major spot market in AP, the price ended at 7061.9 Rupees dropped 15.35 Rupees.

Trading Ideas:
–Turmeric trading range for the day is 6510-6842.
–Turmeric settled flat on profit booking after prices gained due to drought condition in Maharashtra and Karnataka affect Turmeric standing crop.
–Deficit rainfall reported in Maharashtra Marathwada turmeric growing regions like Hingoli, Sangli, Nanded, Basmat etc. affecting turmeric standing crop.
–NCDEX accredited warehouses turmeric stocks dropped by 229 tonnes to 3353 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7061.9 Rupees dropped 15.35 Rupees.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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