Zinc market under fresh selling; Support seen at 175
Copper market under fresh selling; Support seen at 417.1
Natural Gas market under long liquidation; Support seen at 201.7
Crude Oil market under short covering; Support seen at 4599
NCDEX Mustard Seed under fresh buying; Support seen at 4118
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 4.03% to settled at 17050 while prices down 8 rupees.
Now NCDEX Turmeric is getting support at 7151 and below same could see a test of 7115 level, And resistance is now likely to be seen at 7233, a move above could see prices testing 7279.
Turmeric on NCDEX settled down 0.11% at 7188 amid hopes of higher sowing. However, restricted arrivals from growing regions against tight stock position limited the downside.
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 decreased at the markets in Erode as there were limited bags offered for sale.
Only 2,500 bags of turmeric arrived and 70 per cent were sold. Though the traders did not receive any fresh upcountry orders, they purchased good number of bags for their local supply as medium quality turmeric arrived for sale.
Finger variety was down at the Regulated Marketing Committee by Rs. 300 a quintal and Rs. 250 a quintal at the Erode Cooperative Marketing Society, while root variety lost Rs. 500 and Rs. 200 at the Regulated Marketing Committee and at the other two markets respectively.
Trading Ideas:
–Turmeric trading range for the day is 7114-7278.
–Turmeric prices ended with losses amid hopes of higher sowing.
–In Andhra Pradesh, Turmeric sowing reported 12,320 hectares as compared to 7,998 hectares in the corresponding period last year.
–NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 5275 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7177.35 Rupees remains unchanged at0 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
