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Technically Turmeric market is under long liquidation as market has witnessed drop in open interest by 0.21% to settled at 11925 while prices down 96 rupees.
Now NCDEX Turmeric is getting support at 7276 and below same could see a test of 7240 level, And resistance is now likely to be seen at 7372, a move above could see prices testing 7432.
Turmeric on NCDEX settled down by 1.3% at 7312 triggered by adequate stocks position on increased arrivals from producing regions in the physical market. Moreover, report on good progress of sowing in Andhra Pradesh and Maharashtra also dragged the prices further.
In Telangana, Turmeric sowing reported 45,583 hectares as compared to 38,254 hectares in the corresponding period last year. 83% sowing completed from season normal. Till now, Nizamabad region reported 13,993 hectares compared to last year 9,859 hectares and Warangal (rural) reported 4,453 hectares compared to last year 3,825 hectares.
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Only 1,400 bags of turmeric arrived for sale. The arrival of turmeric for sale is very low. Of the arrival of 1,400 bags only 55 per cent turmeric were sold. The arrival and sale was too low at the Regulated Marketing Committee.
189 bags of turmeric were brought by the farmers, but the traders have purchased only 25 per cent of the arrived turmeric. 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. In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees dropped 20 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 7240-7432.
–Turmeric prices dropped triggered by adequate stocks position on increased arrivals from producing regions in the physical market.
–In Telangana, Turmeric sowing reported 45,583 hectares as compared to 38,254 hectares in the corresponding period last year.
–NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 5235 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees dropped 20 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
