Zinc market under long liquidation; Support seen at 178.4
MCX Copper may trade in a range between 424.1-435.5
Natural Gas market under short covering; Resistance seen at 191.3
MCX Crude Oil may trade between 4662-4856 levels
MCX Silver may trade between 38198-38864 levels
Technically Turmeric market is under long liquidation as market has witnessed drop in open interest by 2.49% to settled at 12925 while prices down 132 rupees.
Now NCDEX Turmeric is getting support at 7152 and below same could see a test of 7062 level, And resistance is now likely to be seen at 7350, a move above could see prices testing 7458.
Turmeric on NCDEX settled down by 1.79% at 7242 amid reports of improved sowing in turmeric growing areas of Tamilnadu, Karnataka and Maharashtra. In Andhra Pradesh, Turmeric sowing reported 8,809 hectares as compared to 7,528 hectares in the corresponding period last year, 49% sowing completed from season normal.
Farmers and stockists were holding back their old stocks on expectation of higher prices in coming days as current year production is likely to decline due to lower acreage by 40-45% in Tamil Nadu. As per market sources, currently Nizamabad turmeric stocks were estimated around 1.20 lakh bags as compared to around 2.00 lakh bags same time last year.
Sources revealed that, currently all India Turmeric stocks reported around 20 – 25 lakh bags as compared to last year 35 – 40 lakh bags. In Nizamabad market, supply reported up by 108,000 bags during the period and up by 70,000 bags during corresponding period of last year. New crop supply continued in the Nizamabad market.
Currently, around 14 – 25% moisture content supplies reported, which is lower from last week. Spot turmeric prices increased at the markets in Erode on quality arrivals and emergence of upcountry demand. Prices of both the varieties increased.
Arrivals of the spice too doubled to 4,800 bags. Some traders purchased good quality turmeric for their North Indian orders. In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees dropped 50 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 7062-7458.
–Turmeric prices dropped amid reports of improved sowing in turmeric growing areas of Tamilnadu, Karnataka and Maharashtra.
–In Andhra Pradesh, Turmeric sowing reported 8,809 hectares as compared to 7,528 hectares in the corresponding period last year.
–NCDEX accredited warehouses turmeric stocks dropped by 79 tonnes to 5335 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees dropped 50 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
