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Technically Turmeric market is under short covering as market has witnessed drop in open interest by 0.08% to settled at 13090 while prices up 12 rupees.
Now NCDEX Turmeric is getting support at 6580 and below same could see a test of 6534 level, And resistance is now likely to be seen at 6676, a move above could see prices testing 6726.
Turmeric on NCDEX settled up by 0.18% at 6626 amid demand hopes in physical market 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.
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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. In Nizamabad, a major spot market in AP, the price ended at 6979.15 Rupees dropped -25 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6534-6726.
–Turmeric prices gained amid demand hopes in physical market due to adverse weather may affect quality and quantity of crop.
–Prices in recent session seen supported tracking crop concerns in major growing states due to unfavorable weather conditions.
–NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 60 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6979.15 Rupees dropped -25 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
