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Fresh buying seen in NCDEX Turmeric; Support seen at 6792
Commodity Online | April 17 2018
UPDATED 11:45:34 IST

Zinc market under long liquidation; Resistance seen at 215.4

Copper market under short covering; Support seen at 456.2

Natural Gas market under short covering; Support seen at 182.1

MCX Cotton market under long liquidation

Long liquidation seen in MCX Cardamom

Technically NCDEX Turmeric is under fresh buying as market has witnessed gain in open interest by 3.45% to settled at 14075 while prices up 96 rupees.

Now Turmeric is getting support at 6792 and below same could see a test of 6736 level, And resistance is now likely to be seen at 6882, a move above could see prices testing 6916.

Turmeric on NCDEX settled up by 1.42% at 6846 on back of good buying interest from local stockists amid arrival of good quality produce and strong upcountry demand.

Moreover, reports that export demand would increase in near term also fuelled the uptrend. In Nizamabad, daily arrivals have fallen to around 12,000 bags from over 20,000 bags a week ago. There is expectation of improved upcountry and export demand for new crop.

Turmeric output is estimated to be lower than last year as farmers switched over to other alternative crop because of weak prices they received last year. However, overall supplies may be around last year's level thanks to higher carryover stocks.

India's turmeric export during April-September remained flat 59,000 ton, showed Spices Board data. Spot turmeric prices decreased but the sales increased.

Farmers brought 4,500 bags expecting a higher price for their commodity. Medium and good variety turmeric arrived for sale. The traders purchased all the hybrid turmeric and good quality new turmeric but for a lower price. The hybrid finger variety lost Rs. 450, but the hybrid root variety gained Rs. 250 a quintal due to quality.

Similarly, in all the markets the price of both varieties of local turmeric decreased. On an average, 70 per cent stocks were sold.  In Nizamabad, a major spot market in AP, the price ended at 6471.45 Rupees remains unchanged at0 Rupees.          

Trading Ideas:   

--rading range for the day is 6736-6916.

--Turmeric prices gained on back of good buying interest from local stockists amid arrival of good quality produce and strong upcountry demand.

--In Nizamabad, daily arrivals have fallen to around 12,000 bags from over 20,000 bags a week ago.

--NCDEX accredited warehouses turmeric stocks gained by 70 tonnes to 2919 tonnes.

--In Nizamabad, a major spot market in AP, the price ended at 6471.45 Rupees remains unchanged at0 Rupees

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 250 7500.00
Coconut Oil 0.1 23000.00
Arecanut 2 2850.00
Sugar NR 3350.00

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