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NCDEX Turmeric likely to move 6822-7102 levels
Commodity Online | February 17 2017
UPDATED 11:09:07 IST

Fresh buying seen in MCX Cardamom; Resistance seen at 1048.6

NCDEX Jeera likely to trade in a range of 19475-20155

Aluminium market under long liquidation; Support seen at 135.1

Short covering seen in NCDEX Turmeric

Zinc likely to trade between 205.1-210.9 levels

Technically NCDEX Turmeric market is under fresh selling as market has witnessed gain in open interest by 1.59% to settled at 13750 while prices down -60 rupees.

Now Turmeric is getting support at 6874 and below same could see a test of 6822 level, And resistance is now likely to be seen at 7014, a move above could see prices testing 7102.

Turmeric on NCDEX settled down by -0.86% at 6928 on rising arrivals as the harvesting is going on in key producing states. Moreover, turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared to last year.

Production of turmeric in Telangana is seen rising 35% on year to 251,000 tn 2016-17 (Jul-Jun) due to favourable rains, while May contracts traded higher on improving domestic and up-country demand at the spot market.

Country exported about 74,524 tons; up by 32% during April-Nov period compared last year exports of 56,471 tons. The supplies are improving and there is good demand for the new season crop too.

The harvesting is going on in key producing states – Maharashtra, Tamilnadu and Karnataka. On the export front, country exported about 74,524 tonnes, up by 32% during April-Nov period compared last year exports of 56,471 tonnes, as per government data.

Spot prices of turmeric edged up at Erode markets as arrival of new turmeric increased. Around 1,500 bags of new Mysore Eight variety arrived for sale and the traders purchased all the 1,500 bags. The new turmeric was sold at Rs. 8,800 a quintal and the old good quality turmeric also went for the same price.

Around 4,500 bags of turmeric arrived for sale and 70 per cent of the stock were sold. In Nizamabad, a major spot market in AP, the price ended at 7276.3 Rupees dropped -23.7 Rupees.

Trading Ideas:

--Turmeric trading range for the day is 6822-7102.

--Turmeric prices dropped on rising arrivals as the harvesting is going on in key producing states.

--Moreover, turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared to last year.

--Around 4,500 bags of turmeric arrived for sale and 70 per cent of the stock were sold.

--In Nizamabad, a major spot market in AP, the price ended at 7276.3 Rupees dropped -23.7 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil NR 10460.00
Coconut Oil 1 20500.00
Arecanut NR 19000.00
Sugar NR 4450.00

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