Long liquidation seen in NCDEX Mustard Seed
MCX Crude Palm Oil under short covering; Resistance seen at 535.4
NCDEX Ref. Soya Oil under short covering
NCDEX Soyabean under long liquidation
MCX Mentha Oil likely to trade in a range of 1571.4-1642.
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 0.19% to settled at 13100 while prices down 40 rupees.
Now NCDEX Turmeric is getting support at 6551 and below same could see a test of 6489 level, And resistance is now likely to be seen at 6697, a move above could see prices testing 6781.
Turmeric on NCDEX settled down 0.6% at 6614 on profit booking after prices gained due to adverse weather may affect quality and quantity of crop. Buying at the spot market is mostly need based with expectations of more supplies in the coming days.
Prices in recent session seen supported tracking crop concerns in major growing states due to unfavorable weather conditions. Further, severe cold conditions in Maharashtra and Telangana is not good for the crop.
However, crop size concerns due to heavy rainfall and drought conditions in growing states will cap major fall. IMD has issued severe cold wave warning for few days in Telangana and Andhra Pradesh.
The prices of the both varieties of turmeric were increased. The sale and price has been increased due to some local demands. The price of the finger turmeric increased by Rs. 450 a quintal at the Regulated Marketing Committee, Rs. 200 a quintal at the Erode Turmeric Merchants Association Sales yard and Rs. 100 a quintal at the Erode Cooperative Marketing Society.
Similarly the root variety was increased by Rs. 200 a quintal in all the markets. 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.
Trading Ideas:
–Turmeric trading range for the day is 6488-6780.
–Turmeric dropped on profit booking after prices gained due to adverse weather may affect quality and quantity of crop.
–Current sowing stands at 87% of normal for the season, normal area reported 54,878 hectares.
–NCDEX accredited warehouses turmeric stocks dropped by 15 tonnes to 70 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7004.15 Rupees dropped 20.85 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
