MCX Aluminium may trade between 148.6-152.4
MCX Menthol Oil under long liquidation; Support seen at 1677.5
MCX Cotton under short covering; Support seen at 22526.6
MCX Cardamom likely to move in a range of 1357.6-1368
NCDEX Jeera under fresh buying; Resistance seen at 20113
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 0.48% to settled at 11600 while prices down 22 rupees.
Now NCDEX Turmeric is getting support at 6528 and below same could see a test of 6460 level, And resistance is now likely to be seen at 6660, a move above could see prices testing 6724.
Turmeric on NCDEX settled down 0.33% at 6596 due to improved sowing and lower exports demand. During the September, arrivals of turmeric have been higher at 12,478 t (Vs 10,978 t) compared last year, as per data.
In Telangana, turmeric sowing was reported at 47,791 hectares as compared to 44,956 hectares in the corresponding period last year. Current sowing stands at 87% of normal for the season. Normal area reported 54,878 hectares.
In Andhra Pradesh, Turmeric sowing reported 17,778 hectares as compared to 14,575 hectares in the corresponding period last year, 99% sowing completed from season normal. Among major turmeric growing districts, Visakhapatnam has reported 5,646 hectares in acreage compared to last year’s 3,524 hectares.
The July export of turmeric was higher on year by 29% at 10,570 tonnes and exports were also higher by 2% on year to 44,438 tonnes for Apr-Jul period. However, imports too jumped by 136% to 15,731 tonnes in Apr-Jul period which is pressurizing the prices in physical market.
Spot prices of turmeric decreased at the markets in Erode. Arrivals edged up to 1,800 bags against 1,600 bags arrived yesterday. Such low arrival is due to the decreasing trend of price in all the markets and farmers are reluctant to bring more and quality turmeric.
Trading Ideas:
–Turmeric trading range for the day is 6460-6724.
–Turmeric prices ended with losses due to improved sowing and lower exports demand.
–During the September, arrivals of turmeric have been higher at 12,478 t (Vs 10,978 t) compared last year, as per data.
–NCDEX accredited warehouses turmeric stocks gained by 99 tonnes to 2960 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6854.75 Rupees gained 25.8 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
