Silver market under fresh selling; Support seen at 38305
Gold market under fresh buying; Support seen at 31301
NCDEX Mustard Seed under fresh selling; Support Seen at 4140
MCX Crude Palm Oil under long liquidation
NCDEX Ref. Soya Oil under fresh selling; Resistance seen at 757
Technically Turmeric market is under short covering as market has witnessed drop in open interest by 3.52% to settled at 11915 while prices up 56 rupees.
Now NCDEX Turmeric is getting support at 6596 and below same could see a test of 6544 level, And resistance is now likely to be seen at 6680, a move above could see prices testing 6712.
Turmeric on NCDEX settled up by 0.85% at 6646 as there are expectation of improving demand coupled with diminishing arrivals. However, upside seen limited due to improved sowing in turmeric growing areas of Tamilnadu, Karnataka and Maharashtra.
Turmeric arrivals in Sangli mandi were 1,000-1,200 bags (60 Kg/bag) compared to 1,500 bags. Turmeric was sown on 18,000 hectares till October 3 compared to 15,000 hectares in the same period a year ago.
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 Andhra Pradesh, Turmeric sowing reported 17,778 hectares as compared to 14,575 hectares in the corresponding period last year, 99% sowing completed from season normal.
Among major turmeric growing districts, Visakhapatnam has reported 5,646 hectares in acreage compared to last year’s 3,524 hectares, Guntur has reported 3,966 hectares in acreage compared to last year’s 4,270 hectares, YSR Kadapa has reported 3,137 hectares in acreage compared to last year’s 2,909 hectares and Krishna has reported 2,187 hectares in acreage compared to last year’s 1,778 hectares.
Spot turmeric prices increased at all the markets in Erode on quality arrivals and fresh upcountry orders.In Nizamabad, a major spot market in AP, the price ended at 6853.95 Rupees dropped 0.8 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6544-6712.
–Turmeric gained as there are expectation of improving demand coupled with diminishing arrivals.
–However, upside seen limited due to improved sowing in turmeric growing areas of Tamilnadu, Karnataka and Maharashtra.
–NCDEX accredited warehouses turmeric stocks gained by 169 tonnes to 2682 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6853.95 Rupees dropped 0.8 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
