Silver market under long liquidation; Support seen at 39109
MCX Gold may trade in a range between 31674-32238
NCDEX Chana under fresh buying; Support seen at 4302
MCX Cotton may trade between 20480-21220 levels
NCDEX Jeera likely to move in a range of 16750-17330
Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 0.46% to settled at 13225 while prices down 6 rupees.
Now NCDEX Turmeric is getting support at 6540 and below same could see a test of 6480 level, And resistance is now likely to be seen at 6680, a move above could see prices testing 6760.
Turmeric on NCDEX settled flat at 6600 on the back of pickup in export demand. However, improved acreage and expectations of higher output this year capped some gains. Further, crop size concerns due to heavy rainfall and drought conditions in growing states will cap major fall. IMD has issued severe cold wave warning for few days in Telangana and Andhra Pradesh.
As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018 were up 33.7% on year to 10,486 tons compared to 7,845 tons in the same period a year ago. Turmeric exports during Apr-Oct were higher by 13.3% at 70,033 tons compared to 67,129 tons in the corresponding period last year. The prices of the both varieties of turmeric were increased.
The sale and price has been increased due to some local demands. The price of the finger turmeric increased by Rs. 450 a quintal at the Regulated Marketing Committee, Rs. 200 a quintal at the Erode Turmeric Merchants Association Sales yard and Rs. 100 a quintal at the Erode Cooperative Marketing Society.
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 Nizamabad, a major spot market in AP, the price ended at 6921.6 Rupees dropped 0.15 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6480-6760.
–Turmeric settled flat at 6600 on the back of pickup in export demand.
–Further, crop size concerns due to heavy rainfall and drought conditions in growing states will cap major fall.
–NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 70 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6921.6 Rupees dropped 0.15 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
