NCDEX Jeera likely to trade in range between 18035-18815
MCX Cotton under long liquidation
NCDEX Chana under fresh selling; Support seen at 4555
Zinc market under long liquidation; Support seen at 185.6
MCX Copper may trade in a range between 439.9-447.3
Technically NCDEX Turmeric is getting support at 6558 and below same could see a test of 6376 level, And resistance is now likely to be seen at 6844, a move above could see prices testing 6948.
Turmeric on NCDEX settled up by 2.78% at 6738 on short covering after prices dropped due to lower exports and anticipation of good crop next season. In recent session prices seen some pressure amid increased acreage of turmeric in Tamilnadu, Karnataka and Maharashtra and slip in exports.
Fresh arrivals have reached very few markets due to which demand in the physical market is sluggish as most of the traders want to stock new produce. According to farmers this year production in Maharashtra can be less than last year.
Deficit rainfall in Maharashtra and Karnataka affected Turmeric standing crop. Lower rainfall reported in Maharashtra Marathwada turmeric growing regions like Hingoli, Sangli, Nanded, Basmath affect Turmeric standing crop.
Turmeric output this year is expected to be higher in the states of Tamilnadu, Karnataka and Maharashtra. 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 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. As per data released by Commerce Ministry, turmeric exports during the month of Sep 2018, up 16.5% on year to 9,064 tonnes.
Turmeric exports in 2018/19 (Apr-Sep) is up 10.6% at 65,547 tonnes compared to 59,285 last year for the same time. In Nizamabad, a major spot market in AP, the price ended at 7000 Rupees gained 120 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6376-6948.
–Turmeric gained on short covering after prices dropped due to lower exports and anticipation of good crop next season.
–Fresh arrivals have reached very few markets due to which demand in the physical market is sluggish as most of the traders want to stock new produce.
–NCDEX accredited warehouses turmeric stocks dropped by 219 tonnes to 3070 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7000 Rupees gained 120 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
