MCX Nickel may trade between 841-882.6 levels
MCX Aluminium likely to move in a range of 144-148
MCX Menthol Oil under fresh buying; Support seen at 1804.6
Silver market under fresh selling; Support seen at 37884
Gold market under fresh selling; Support seen at 31673
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 38.93% to settled at 5710 while prices down 8 rupees.
Now NCDEX Turmeric is getting support at 6708 and below same could see a test of 6618 level, And resistance is now likely to be seen at 6898, a move above could see prices testing 6998.
Turmeric on NCDEX settled down by 0.12% at 6796 on profit booking after prices gained following expectation of pick-up in domestic demand amid festive season. Prices remained supported amid improvement in demand coupled with diminishing arrivals as the season is ending.
During the September, arrivals of turmeric have been higher at 12,478 t (Vs 10,978 t) compared last year, as per data. As per data released by Commerce Ministry, turmeric exports during the month of August 2018, increase by 51.6% on year to 12,045 tonnes (Vs 7,944 tonnes).
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As per trade information, currently all India Turmeric stocks are reported around 24 – 25 lakh bags as compared to last year 32 – 34 lakh bags down by around 24 per cent. Currently turmeric stocks in Nizamabad (both old and new crop) were estimated around 3.90 lakh bags as compared to around 2.80 lakh bags same period last year.
Currently, stocks reported higher as demand (powder manufactures) shifted to Maharashtra, Duggirala and Kadapa market due to lower prices. In Andhra Pradesh, Turmeric sowing reported 18,737 hectares as compared to 14,841 hectares in the corresponding period last year, 104 per cent sowing completed from season normal.
In Telangana, Turmeric sowing was reported at 47,888 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 7087.5 Rupees gained 21.6 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6618-6998.
–Turmeric prices on profit booking after prices gained following expectation of pick-up in domestic demand amid festive season.
–Currently all India Turmeric stocks are reported around 24 – 25 lakh bags as compared to last year 32 – 34 lakh bags down by around dropped 24 per cent.
–NCDEX accredited warehouses turmeric stocks dropped by 447 tonnes to 2906 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7087.5 Rupees gained 21.6 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
