Zinc market under short covering; Support seen at 175.3
MCX Copper may trade in a range between 409.6-422.2
MCX Crude Oil likely to trade in a range between 4528-4872
MCX Silver likely to trade in a range between 37660-38330
Gold market under fresh selling; Support seen at 29550
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 3.9% to settled at 12645 while prices down 22 rupees.
Now NCDEX Turmeric is getting support at 7226 and below same could see a test of 7190 level, And resistance is now likely to be seen at 7312, a move above could see prices testing 7362.
Turmeric on NCDEX settled down by 0.3% at 7260 on expectation of higher output in the key growing regions. India is expected to produce 7.5-7.7 million bags in the crop year 2018-2019.
Moreover, Erode in Tamil Nadu is expected to boost its production this season due to good rainfall and as in the past several years the region have been overtaken by new regions like Maharashtra and Telangana.
Related Post
In Telangana, Turmeric sowing as on 25th July 2018 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.
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.
Regarding the price of the turmeric it was too low at the Regulated Marketing Committee where the finger turmeric fetched only Rs. 7,216 a quintal, as against 8,600 a quintal was sold few days back. In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees dropped 10 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 7190-7362.
–Turmeric prices ended with losses on expectation of higher output in the key growing regions.
–India is expected to produce 7.5-7.7 million bags in the crop year 2018-2019.
–NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 5235 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees dropped 10 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
