MCX Nickel under short covering
MCX Silver likely to trade in a range between 36928-38516
MCX Aluminium may trade between 142.1-147.1 levels
MCX Menthol Oil likely to move in a range of 1737.8-1793.6
MCX Gold under long liquidation; Support seen at 31245
Technically NCDEX Turmeric is getting support at 6543 and below same could see a test of 6503 level, And resistance is now likely to be seen at 6641, a move above could see prices testing 6699.
Turmeric on NCDEX settled down 0.75% at 6582on lack of demand and reports of increase in acreage this season. Demand for turmeric in the physical market is seen sluggish as traders and stockists have already purchased produce before the start of Diwali festival.
Moreover, turmeric sowing in all major producing states is higher than last year as weather remained favourable. According to the Department of Horticulture and Plantation Crops of Tamil Nadu, acreage of turmeric in Erode may jump nearly 80% on year to 5,300 hectare in 2018-19 (Jul-Jun) because of very good rainfall this year and availability of other water sources.
In Telangana, turmeric acreage rose to 47,790 hectare compared to 44,956 hectare a year ago, state government data showed. In Andhra Pradesh, farmers planted turmeric over area 18,000 hectares, up from 14,000 hectares a year ago.
However, there are drought condition in Maharashtra and Karnataka affect Turmeric standing crop. Deficit rainfall reported in Maharashtra Marathwada turmeric growing regions like Hingoli, Sangli, Nanded, Basmat etc. affecting turmeric standing crop.
As per local trade information, standing crop likely to damage around 10 – 20% currently, if higher temperature will continue next 15 – 20 days damage percentage may go up to 30 – 40%. Rainfall deficit by -87% from 01-10-2018 to 31-10-2018. Current year due to higher prices Turmeric sowing area go up by 5 – 6%, as some new area has come up.
Trading Ideas:
–Turmeric trading range for the day is 6504-6700.
–Turmeric prices dropped on lack of demand and reports of increase in acreage this season
–Moreover, turmeric sowing in all major producing states is higher than last year as weather remained favourable
–NCDEX accredited warehouses turmeric stocks dropped by 229 tonnes to 3353 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7061.9 Rupees dropped –15.35 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
