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Technically Turmeric market is under long liquidation as market has witnessed drop in open interest by 0.65% to settled at 13655 while prices down 52 rupees.
Now NCDEX Turmeric is getting support at 6316 and below same could see a test of 6286 level, And resistance is now likely to be seen at 6390, a move above could see prices testing 6434.
Turmeric on NCDEX settled down by 0.81% at 6346 amid expectations of increase in arrivals at the spot markets in the coming days with better moisture content.
Fresh arrivals are expected to increase at the spot market and will remain peak due to the harvesting activities.
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There are yield concerns from few growing regions as drought conditions and cold weather has not supported the crop; however overall crop in the season will be higher due to increased area.
Turmeric production is expected to be higher this season due to higher acreage in Telangana. As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018, up 33.7% on year to 10,486 tonnes (Vs 7,845 tonnes).
Turmeric exports in 2018/19 (Apr-Oct) is up 13.3% at 70,033 tonnes compared to 67,129 last year for the same period. IMD has issued severe cold wave warning for few days in Telangana and Andhra Pradesh.
The new turmeric for the current year may arrive. The farmers will bring good number of new turmeric. Around 2,000 bags were arrived today and 70 per cent, purchased by traders.Due to arrival of poor quality turmeric at the Regulated Marketing Committee the finger turmeric was decreased by Rs. 350 a quintal.
But, the price of the turmeric in other markets is stable when compared to previous day sale price. In Nizamabad, a major spot market in AP, the price ended at 6696.65 Rupees remains unchanged at0 Rupees.
Trading Ideas:
–Turmeric trading range for the day is 6286-6434.
–Turmeric prices dropped amid expectations of increase in arrivals at the spot markets in the coming days with better moisture content.
–Fresh arrivals are expected to increase at the spot market and will remain peak due to the harvesting activities.
–NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 70 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 6696.65 Rupees remains unchanged at0 Rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
