NCDEX Turmeric likely to move in a range of 6260-6428
Commodity Online | February 12 2019
UPDATED 11:00:35 IST

MCX Mentha Oil under fresh buying: Resistance seen at 1398.2

MCX Aluminium under fresh buying; Resistance seen at 151.8

MCX Nickel under short covering; Support seen at 862

NCDEX Chana under short covering; Support seen at 4406

MCX Cotton under fresh selling; Resistance seen at 22430

Technically NCDEX Turmeric is getting support at 6304 and below same could see a test of 6260 level, And resistance is now likely to be seen at 6388, a move above could see prices testing 6428.

Turmeric on NCDEX settled up by 0.13% at 6350 on short covering after prices remained under pressure due to sluggish demand in the physical markets and as traders are not interested in old crop produce and are awaiting the commencement of new crop supplies.

Prices remained under pressure amid expectations of increase in arrivals at the spot markets in the coming days with better moisture content. However, downside seen limited on concerns that drought conditions and cold weather will adversely affect the production. Fresh arrivals are expected to increase at the spot market and will remain peak due to the harvesting activities.

Crop prospects have improved in Maharashtra and overall output is expected to be higher. Demand for turmeric is sluggish in physical as traders are not interested in old crop produce and are awaiting the commencement of new crop supplies, which are likely to hit markets soo.

There are yield concerns from few growing regions as drought conditions and cold weather has not supported the crop; however overall crop in the season will be higher due to increased area. Turmeric production is expected to be higher this season due to higher acreage in Telangana.

As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018, up 33.7% on year to 10,486 tonnes (Vs 7,845 tonnes). Turmeric exports in 2018/19 (Apr-Oct) is up 13.3% at 70,033 tonnes compared to 67,129 last year for the same period. In Nizamabad, a major spot market in AP, the price ended at 6579.15 Rupees gained 10 Rupees.

Trading Ideas:
--Turmeric trading range for the day is 6260-6428.
--Turmeric settled up on short covering after prices remained under pressure due to sluggish demand in the physical markets.
--Prices remained under pressure amid expectations of increase in arrivals at the spot markets in the coming days with better moisture content.
--Fresh arrivals are expected to increase at the spot market and will remain peak due to the harvesting activities
--In Nizamabad, a major spot market in AP, the price ended at 6579.15 Rupees gained 10 Rupees.

Courtesy: Kedia Commodities
Commodity Arrivals Rate
Mustard Oil 6 9650.00
Coconut Oil 1 17500.00
Arecanut 70 2600.00
Sugar 223 3230.00

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