NCDEX Chana under long liquidation; Resistance seen at 4060
MCX Cotton under short covering
NCDEX Jeera under fresh selling; Resistance seen at 16833
MCX Mentha Oil may trade between 1271.9-1307.9 levels
NCDEX Turmeric under fresh selling; Support seen at 6331
Turmeric on NCDEX settled down -1.23% at 8050 on good sowing acreage due to better irrigation facilities and sufficient rains in the producing belts of Tamil Nadu. Though, some losses were capped on rising demand from the medicinal and cosmetic industry. Turmeric arrivals have been higher in February, March and April compared to last year but the arrivals have slowed in May as per data. However, the arrivals are higher by 105% in May 2016 compared to last year same month.
Producers are releasing their lower or medium grade Turmeric and holding premium quality in the anticipation of better return ahead on anticipation of some weather disturbances in the coming monsoon. As per dept of commerce data, turmeric exports in 2015-16 are pegged at 85,426 tonnes while the export for the 2014-15 was 90,738 tonnes for the same period. At Salem market arrivals were reported at 1 quintal, unchanged as compared to previous day’s arrival. At Warangal market, sources reported arrivals at 500 bags, down by 300 bags as compared to previous day. At Nizamabad market arrivals were reported at 1500 quintals, higher by 600 quintals from previous trading day.
At Erode market, total arrivals are at 7000 quintals, higher by 4000 quintals as compared to previous day. Spot turmeric prices increased at Erode markets as some traders have received a few upcountry orders. Technically market is under fresh selling as market has witnessed gain in open interest by 1.14% to settled at 20910 while prices down -100 rupee, now Turmeric is getting support at 7993 and below same could see a test of 7935 level, and resistance is now likely to be seen at 8125, a move above could see prices testing 8199.
--Turmeric trading range for the day is 7936-8200.
--Turmeric dropped on good sowing acreage due to better irrigation facilities and sufficient rains in the producing belts of Tamil Nadu.
--Turmeric arrivals have been higher in February, March and April compared to last year but the arrivals have slowed in May as per data.
--However, the arrivals are higher by 105% in May 2016 compared to last year same month.
--In Nizamabad, a major spot market in AP, the price ended at 8353.95 rupees dropped -3.55 rupees.Courtesy: Kedia Commodities