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Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 5.48% to settled at 14140.
Now NCDEX Turmeric is getting support at 6482 and below same could see a test of 6378 level, And resistance is now likely to be seen at 6670, a move above could see prices testing 6754.
Turmeric on NCDEX settled up by 0.06% at 6584 on short covering after prices dropped due to lower exports and anticipation of good crop next season. In recent session prices seen some pressure amid increased acreage of turmeric in Tamilnadu, Karnataka and Maharashtra and slip in exports.
According to farmers this year production in Maharashtra can be less than last year. Deficit rainfall in Maharashtra and Karnataka affected Turmeric standing crop. Lower rainfall reported in Maharashtra Marathwada turmeric growing regions like Hingoli, Sangli, Nanded, Basmath affect Turmeric standing crop.
Related Post
Turmeric output this year is expected to be higher in the states of Tamilnadu, Karnataka and Maharashtra. According to the Department of Horticulture and Plantation Crops of Tamil Nadu, acreage of turmeric in Erode may jump nearly 80% on year to 5,300 hectare in 2018-19 (Jul-Jun) because of very good rainfall and availability of other water sources.
In Telangana, turmeric acreage rose to 47,790 hectare compared to 44,956 hectare a year ago, state government data showed. As per data released by Commerce Ministry, turmeric exports during the month of Sep 2018, up 16.5% on year to 9,064 tonnes.
Turmeric exports in 2018/19 (Apr-Sep) is up 10.6% at 65,547 tonnes compared to 59,285 last year for the same time. During the November, arrivals of turmeric have been higher at 12,067 t (Vs 9,547 t) compared last year, as per data. In Nizamabad, a major spot market in AP, the price ended at 7015 Rupees dropped 22.5 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6378-6754.
–Turmeric gained on short covering after prices dropped due to lower exports and anticipation of good crop next season.
–According to farmers this year production in Maharashtra can be less than last year.
–NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 3249 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7015 Rupees dropped 22.5 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
