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| You are here : Home >> Technical Analysis >> Report | |
| Turmeric stop loss above 4680 | |
| 24 July 2008 16:53:41 | |
| Turmeric futures in NCDEX futures fell for a third day on Wednesday after a parliamentary panel suggested curbs on futures trading in agri commodities. Rainfall in Andhra Pradesh speeding up the prospects of the start of cultivation also affected the price movement. The prices have risen 11.18 percent in July, extending gains to 48.46 percent in last three months. Rains and thundershowers are likely over few places in Andhra Pradesh in next two days, India Meteorological Department said on Wednesday. Turmeric cultivation starts with the arrival of monsoon rains in June in the southern and western states, the major producers. A strong rupee against dollar, which reduces exporters’ return, also weighed on the prices. The rupee rose to its highest in more than two months on Wednesday. However, losses were restricted by a likely drop in acreage as cultivation was delayed due to the weak phase of monsoon between mid-June to mid-July And Unseasonable rains in March cut output in 2007/08 to 4.2 million bags of 70 kg each from 5.4 million bags a year ago. In Nizamabad, a key spot market, the price fell 11 rupees to 4,571 rupees per 100 kg. Influencing Factors: Turmeric Panic selling on due to parliamentary panel suggested curbs on futures trading in agriculture commodities Weakness in the spot market on starting new arrivals. Profit booking in Higher Levels Sufficient rains in key producing state of Andhra Pradesh. Lower export demand on higher prices A traders estimate turmeric output in 2008 to fall to 4.2 million bags of 70 kg each from 5.4 million bags a year ago The export demand, which normally picks up during August-September period, have started coming in May itself due to anticipated lower production Turmeric cultivation starts with the arrival of monsoon rains in June in southern and western states, the major producers. Technical Outlook Technically Turmeric August closed below 9 day EMA and above 21 day EMA. Today’s Recommendation NCDEX Turmeric August sell below 4638 stop loss above 4680 Targets 4600,4570,4520 |
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