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Technically Turmeric market is under short covering as market has witnessed drop in open interest by 0.72% to settled at 13110 while prices up 10 rupees.
Now NCDEX Turmeric is getting support at 6616 and below same could see a test of 6592 level, And resistance is now likely to be seen at 6660, a move above could see prices testing 6680.
Turmeric on NCDEX settled up by 0.15% at 6642 due to tight supplies at the spot market as prevailing stock declined. Even though, rise in acreage and expectations of higher output this year capped the upside momentum.
Supplies of turmeric is lower at spot market as prevailing stock has declined and new produce is expected to reach mandis of key producing states. However, improved acreage and expectations of higher output this year capped some gains.
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Further, 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.
As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018 were up 33.7% on year to 10,486 tons compared to 7,845 tons in the same period a year ago. Turmeric exports during Apr-Oct were higher by 13.3% at 70,033 tons compared to 67,129 tons in the corresponding period last year.
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.
In Telangana, turmeric sowing was reported at 47,791 hectares as compared to 44,956 hectares in the corresponding period last year. In Nizamabad, a major spot market in AP, the price ended at 6916.65 Rupees gained 10 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6592-6680.
–Turmeric prices gained due to tight supplies at the spot market as prevailing stock declined.
–Supplies of turmeric is lower at spot market as prevailing stock has declined and new produce is expected to reach mandis of key producing states.
–NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 60 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6916.65 Rupees gained 10 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
