MCX Cotton under fresh selling; Resistance seen at 24016
MCX Cardamom under fresh selling; Support seen at 1089.2
Natural Gas market under fresh buying; Resistance seen at 203.9
Crude Oil market under fresh selling; Support seen at 4495
NCDEX Jeera under fresh buying; Resistance seen at 20200
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 4.93% to settled at 16395 while prices down 28 rupees.
Now NCDEX Turmeric is getting support at 7222 and below same could see a test of 7192 level, And resistance is now likely to be seen at 7300, a move above could see prices testing 7348.
Turmeric on NCDEX settled down by 0.38% at 7254 as sowing is expected to be higher this year and stocks are comfortable. Turmeric area is seen up this year due to attractive prevailing prices.
In Telangana, turmeric acreage grew to 46,692 hectare until August 1 from 41,715 hectare a year ago, state government data showed. In Andhra Pradesh, Turmeric sowing reported 12,320 hectares as compared to 7,998 hectares in the corresponding period last year, 68% sowing completed from season normal.
In Telangana, Turmeric sowing as on 01 August 2018 reported 46,692 hectares as compared to 41,715 hectares in the corresponding period last year. 85% sowing completed from season normal.
As per estimates, in normal monsoon condition Turmeric all India area may go up by 12 – 14% as compared to last year due to higher prices. Spot turmeric prices increased at the markets in Erode as the farmers brought in quality produce. Arrivals too were up at 3,600 bags and 70 per cent of them were traded.
Regarding the price, finger variety was up Rs. 100 a quintal and root variety gained Rs. 120. At the Erode Turmeric Merchants Association, the finger turmeric went for Rs. 5,889-8,699 a quintal and the root variety for Rs. 5,600-7,509. Of the 2,573 bags on offer, 987 were sold. In Nizamabad, a major spot market in AP, the price ended at 7275 Rupees dropped 54.75 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 7192-7348.
–Turmeric settled down as sowing is expected to be higher this year and stocks are comfortable.
–In Telangana, turmeric acreage grew to 46,692 hectare until August 1 from 41,715 hectare a year ago, state government data showed.
–NCDEX accredited warehouses turmeric stocks gained by 79 tonnes to 5235 tonnes.
– In Nizamabad, a major spot market in AP, the price ended at 7275 Rupees dropped -54.75 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
