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Technically NCDEX Turmeric is getting support at 6548 and below same could see a test of 6480 level, And resistance is now likely to be seen at 6672, a move above could see prices testing 6728.
Turmeric on NCDEX settled up by 1.25% at 6618 due to expectations of rise in demand and concerns over crop yield. However, upside seen limited on expectations of increase in arrivals at the spot markets in the coming days with better moisture content.
Fresh arrivals are expected to increase at the spot market and will remain peak due to the harvesting activities. There are yield concerns from few growing regions as drought conditions and cold weather has not supported the crop; however overall crop in the season will be higher due to increased area.
Turmeric production is expected to be higher this season due to higher acreage in Telangana. As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018, up 33.7% on year to 10,486 tonnes (Vs 7,845 tonnes).
Turmeric exports in 2018/19 (Apr-Oct) is up 13.3% at 70,033 tonnes compared to 67,129 last year for the same period. IMD has issued severe cold wave warning for few days in Telangana and Andhra Pradesh.
As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018 were up 33.7% on year to 10,486 tons compared to 7,845 tons in the same period a year ago. Turmeric exports during Apr-Oct were higher by 13.3% at 70,033 tons compared to 67,129 tons in the corresponding period last year.
In Telangana, turmeric sowing was reported at 47,791 hectares as compared to 44,956 hectares in the corresponding period last year.In Nizamabad, a major spot market in AP, the price ended at 6836.35 Rupees dropped 11.4 Rupees.
–Turmeric trading range for the day is 6480-6728.
–Turmeric prices gained due to expectations of rise in demand and concerns over crop yield.
–However, upside seen limited on expectations of increase in arrivals at the spot markets in the coming days with better moisture content.
–NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 80 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6836.35 Rupees dropped 11.4 Rupees.
Courtesy: Kedia Commodities