NCDEX Chana under short covering; Support seen at 4258
MCX Cotton under short covering; Resistance seen at 20260
NCDEX Jeera may trade in range between 15535-15835
NCDEX Mustard may trade in range between 3883-3953
MCX Crude Palm Oil under short covering; Support seen at 564.3
Technically NCDEX Turmeric is getting support at 6226 and below same could see a test of 6202 level, And resistance is now likely to be seen at 6282, a move above could see prices testing 6314.
Turmeric on NCDEX settled flat on the back of concerns that drought conditions and cold weather will affect the crop production. However, expectation of higher production this season due to higher acreage in Telangana limited the uptrend.
Pressure also seen amid expectations of increase in arrivals at the spot markets in the coming days with better moisture content. There are concerns that drought conditions and cold weather will adversely affect the production.
Fresh arrivals are expected to increase at the spot market and will remain peak due to the harvesting activities. Crop prospects have improved in Maharashtra and overall output is expected to be higher. Demand for turmeric is sluggish in physical as traders are not interested in old crop produce and are awaiting the commencement of new crop supplies, which are likely to hit markets soon.
There are yield concerns from few growing regions as drought conditions and cold weather has not supported the crop; however overall crop in the season will be higher due to increased area. Turmeric production is expected to be higher this season due to higher acreage in Telangana.
As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018, up 33.7% on year to 10,486 tonnes (Vs 7,845 tonnes).
Turmeric exports in 2018/19 (Apr-Oct) is up 13.3% at 70,033 tonnes compared to 67,129 last year for the same period. In Nizamabad, a major spot market in AP, the price ended at 6434 Rupees dropped -8.5 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6202-6314.
–Turmeric settled flat on the back of concerns that drought conditions and cold weather will affect the crop production.
–However, expectation of higher production this season due to higher acreage in Telangana limited the uptrend.
–Turmeric exports in 2018/19 (Apr-Oct) is up 13.3% at 70,033 tonnes compared to 67,129 last year for the same period.
–In Nizamabad, a major spot market in AP, the price ended at 6434 Rupees dropped 8.5 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
