Zinc market under fresh selling; Support seen at 184.7
MCX Copper may trade in a range between 426.2-454
Natural Gas market under fresh selling; Support seen at 194.1
Fresh Buying seen in MCX Crude Oil; Support seen at 5068
Short covering seen in MCX Cotton
Technically Turmeric market is under short covering as market has witnessed drop in open interest by 1.65% to settled at 14920 while prices up 116 rupees.
Now NCDEX Turmeric is getting support at 7116 and below same could see a test of 7024 level, And resistance is now likely to be seen at 7264, a move above could see prices testing 7320.
Turmeric on NCDEX settled up by 1.64% at 7210 amid good physical demand from spot markets. Prices also seen supported after government approves MSP for kharif crops 2018-19. Besides, diminishing arrivals from growing regions amid minimal stock have also supported the prices.
At Erode market, estimated market supply was at 4000 bags, up by 2000 bags from previous day’s arrivals. At Warangal market, total arrivals are at 2000 bags, down by 500 bags from previous trading day.
Currently, in Nizamabad turmeric stocks (both old and new crop) were estimated around 5.10 lakh bags (1 bag = 70 kgs) as compared to around 7.00 lakh bags in corresponding time last year. Supplies from the new season turmeric have been lower during May at 53,500 t (Vs 73,500 t) compared last year, as per data.
The export of turmeric was down by 24% at 10,462 tonnes in April 2018 compared to last years’ exports. Exports are lower by 15.5% in first 4 month of current year compared to last year. Only 2,000 bags of turmeric arrived for sale.
But with traders still waiting for fresh demand they purchased stocks only for local demand. At the Erode Turmeric Merchants Association sales yard, finger turmeric fetched Rs. 5,806-8,333 a quintal, root variety Rs. 5,100-7,388.
At the Regulated Marketing Committee finger turmeric was sold at Rs. 6,559-7,611 and root variety Rs. 6,199-7,171. In Nizamabad, a major spot market in AP, the price ended at 7378.15 Rupees gained 24.2 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 7024-7320.
–Turmeric prices gained amid good physical demand from spot markets.
–Prices also seen supported after government approves MSP for kharif crops 2018-19.
–NCDEX accredited warehouses turmeric stocks dropped by 9 tonnes to 5499 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7378.15 Rupees gained 24.2 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
