Short covering seen in MCX Zinc
MCX Gold may trade in a range between 30423-30805
MCX Aluminium under fresh buying; Support seen at 143.3
MCX Mentha Oil under short covering
NCDEX Castor under fresh buying; Support seen at 4371
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 4.74% to settled at 15900 while prices down 30 rupees.
Now NCDEX Turmeric is getting support at 7130 and below same could see a test of 7084 level, And resistance is now likely to be seen at 7222, a move above could see prices testing 7268.
Turmeric on NCDEX settled down 0.42% at 7176 on profit booking on report of good progress of sowing in Andhra Pradesh and Maharshtra following good rains this monsoon. Current year Turmeric sowing is started in AP, Maharashtra, Tamil Nadu, Telangana etc.
Monsoon rainfall is crucial factor for acreage expectations. As per IMD, overall rainfall activity is likely to be normal to above normal, over the country in whole. Actual rainfall scenario over turmeric producing regions in various states and initial estimates of sowing will become known till first half of July.
Related Post
In Andhra Pradesh, Turmeric sowing reported 1058 hectares as compared to last year same period 231 hectares, 6% sowing completed from season normal. As per data, initial farmer intention, in normal monsoon condition Turmeric all India area may go up by 12 – 14% as compared to last year.
Turmeric stocks reported lower current year in the spot market. Currently, in Nizamabad turmeric stocks (both old and new crop) were estimated around 5.10 lakh bags (1 bag = 70 kgs) as compared to around 7.00 lakh bags in corresponding time last year.
Supplies from the new season turmeric have been lower during May at 53,500 t (Vs 73,500 t) compared last year, as per data. The export of turmeric was down by 24% at 10,462 tonnes in April 2018 compared to last years’ exports.
Trading Ideas:
–Turmeric trading range for the day is 7084-7268.
–Turmeric dropped on profit booking on report of good progress of sowing in Andhra Pradesh and Maharshtra following good rains this monsoon.
–In Andhra Pradesh, Turmeric sowing reported 1058 hectares as compared to last year same period 231 hectares, 6% sowing completed from season normal.
–NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 5499 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7365.55 Rupees dropped 9.45 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
