MCX Cotton under fresh buying; Support seen at 22744
Zinc market is under short covering; Support seen at 173
MCX Cardamom may trade between 1388.6-1438.6 levels
Fresh selling seen in NCDEX Jeera; Resistance seen at 19730
NCDEX Mustard Seed likely to move in a range of 4051-4135
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 0.06% to settled at 7975.
Now NCDEX Turmeric is getting support at 6702 and below same could see a test of 6652 level, And resistance is now likely to be seen at 6816, a move above could see prices testing 6880.
Turmeric on NCDEX settled down by -0.82% at 6754 on expectation of higher acreage this year. In Tamil Nadu, turmeric was sown on 16,782 hectares until August 15 in the crop year 2018-19 compared to 13,156 hectares in the month of August 2017-18. The state is expected to sow 30,000 hectare of turmeric this season.
Turmeric sowing is up this year in all the producing centres and crop is in good conditions except in some parts Tamil Nadu. However, higher yield in other centres will compensate the losses, if any, in Tamil Nadu.
In Telangana, Turmeric sowing reported 45,583 hectares as compared to 38,254 hectares in the corresponding period last year. 83% sowing completed from season normal. Till now, Nizamabad region reported 13,993 hectares compared to last year 9,859 hectares and Warangal (rural) reported 4,453 hectares compared to last year 3,825 hectares.
In Andhra Pradesh, Turmeric sowing reported 12,320 hectares as compared to 7,998 hectares in the corresponding period last year, 68% sowing completed from season normal. The price of the both varieties of turmeric was decreased again.
For want of proper upcountry demand and also poor quality, the traders quoting decreased price have purchased for their requirement alone. Regarding the price, finger turmeric decreased by Rs. 400 a quintal at the Regulated Marketing Committee and Rs. 300 each in Erode Turmeric Merchants Association Sales yard and Erode Cooperative Marketing Society. In Nizamabad, a major spot market in AP, the price ended at 6985.7 Rupees dropped 14.3 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6652-6880.
–Turmeric prices ended with losses on expectation of higher acreage this year.
–In Tamil Nadu, turmeric was sown on 16,782 hectares until August 15 in the crop year 2018-19 compared to 13,156 hectares in the month of August 2017-18.
–NCDEX accredited warehouses turmeric stocks gained by 79 tonnes to 4617 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6985.7 Rupees dropped 14.3 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
