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“NCDEX turmeric has support at 6060 and resistance at 6250 levels. The intrady strategy is to sell near 6240 with stop loss of 6310 for the target of 6150.” said Melbin Noble, Research Analyst at Commodity..

22 Jan 2013

NEW DELHI(Commodity Online): Turmeric on India's NCDEX is trading with a negative note today due to fresh continuing selling pressure by traders at higher levels.

In India's NCDEX turmeric for April contract is trading on a negative note at Rs 6200, a percentage change of 0.8% as of 2:19PM , Tuesday.

Selling pressure is likely to continue in coming days, on concern of mounting stocks in the spot market.

“NCDEX turmeric has support at 6060 and resistance at 6250 levels. The intrady strategy is to sell near 6240 with stop loss of 6310 for the target of 6150.” said Melbin Noble, Research Analyst at Commodity Online.

Higher stocks, better production prospects and higher arrivals in the markets have been keeping pressure on the commodity. Total production this year is expected to touch 75-85 lakh bags (1 bag-75kg) - higher than the 65-70 lakh bags in 2010-11.

Latest reports from Spice Board of India indicates the expected Turmeric exports for April 2012 have risen by 1% to 7300MT from 7230MT in April 2011.


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