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NCDEX Turmeric under fresh buying; Resistance seen at 6102
Commodity Online | October 10 2019
UPDATED 11:10:51 IST

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Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 5.01% to settled at 8910 while prices down 108 rupees.

Now NCDEX Turmeric is getting support at 5914 and below same could see a test of 5834 levels, and resistance is now likely to be seen at 6102, a move above could see prices testing 6210.

Turmeric on NCDEX settled down by 1.77% at 5992 on profit booking after prices gained as the crop reported damaged in Maharashtra and Karnataka, some parts of Andhra Pradesh and also lower sowing area in Tamil Nadu.

Prices also gained on good seasonal demand is expected in coming days amid fears of crop losses. As per Andhra Pradesh Govt, Turmeric sowing reported 12,548 hectares (from normal area) as compared to 17,914 hectares in the corresponding period last year.As per Telangana Govt,Turmeric sowing reported 48,315 hectares as compared to 47,790 hectares in the corresponding period last year.Current year in Tamil Nadu, Turmeric sowing around 70 – 72% reported due to lower rainfall.

Turmeric sowing almost completed. Govt cuts 2018-19 dry turmeric output estimate to 931000 tonnes versus 1.4 million tonnes.At Duggirala market, sources reported arrivals at 2500 quintals, lower by 2700 quintals from previous trading day. At Warangal market, estimated market supply was at 500 bags, higher by 200 bags from previous day’s arrivals. At Erode market arrivals were reported at 2300 bags, up by 800 bags as compared to previous day.In Nizamabad, a major spot market in AP, the price ended at 6143.75 Rupees remains unchanged at0 Rupees.

Trading Ideas:
--Turmeric trading range for the day is 5834-6210.
--Turmeric dropped on profit booking after prices gained as the crop reported damaged in Maharashtra and Karnataka.
--Further downside seen limited on good seasonal demand is expected in coming days amid fears of crop losses.
--As per Andhra Pradesh Govt, Turmeric sowing reported 12,548 hectares (from normal area) as compared to 17,914 hectares.
--In Nizamabad, a major spot market in AP, the price ended at 6143.75 Rupees remains unchanged at0 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 70 10200.00
Coconut Oil 2 18500.00
Arecanut 55 5500.00
Sugar NR 3900.00

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