MCX Nickel under fresh buying; Resistance seen at 903.7
MCX Aluminium expected to trade between 143.1-150.5 levels
MCX Mentha Oil under short covering; Support seen at 1694
NCDEX Jeera likely to move in a range of 19205-19785
MCX Cardamom under fresh buying; Support seen at 1407
Technically NCDEX Turmeric is getting support at 6612 and below same could see a test of 6560 level, And resistance is now likely to be seen at 6754, a move above could see prices testing 6844.
Turmeric on NCDEX settled down by 1.33% at 6664 on expectation of higher acreage this year. Farmers have planted turmeric on higher area in all the producing states due to higher prevailing prices. Turmeric area grew to 16,782 hectare until August 15 from 13,156 hectare a year ago, data from Tamil Nadu state government showed.
In Telangana, turmeric acreage rose to 47,760 hectare until August 30 from 44,956 hectare a year ago, data showed. Similarly, in Andhra Pradesh farmers planted turmeric over an area 16,000 hectares until August 29, up from 14,000 hectares a year ago.
Turmeric sowing is up this year in all the producing centres and crop is in good conditions except in some parts Tamil Nadu. However, higher yield in other centres will compensate the losses, if any, in Tamil Nadu.
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.
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. The price of the both varieties of turmeric was decreased again.
For want of proper upcountry demand and also poor quality, the traders quoting decreased price have purchased for their requirement alone. In Nizamabad, a major spot market in AP, the price ended at 6961.9 Rupees dropped 23.8 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6560-6844.
–Turmeric settled down on expectation of higher acreage this year.
–Farmers have planted turmeric on higher area in all the producing states due to higher prevailing prices.
–NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 4567 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6961.9 Rupees dropped 23.8 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
