Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 6.26% to settled at 8485 while prices up 74 rupees.<" />
 
NCDEX Turmeric under fresh buying; Support seen at 6027
Commodity Online | October 09 2019
UPDATED 12:00:59 IST

MCX Mentha Oil likely to move in a range of 963.8-989.2

MCX Aluminium may trade between 136.8-140 levels

MCX Nickel likely to move in a range of 1000-1042.6

MCX Zinc under fresh buying; Support seen at 172.4

MCX Copper under long liquidation; Resistance seen at 502.5

Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 6.26% to settled at 8485 while prices up 74 rupees.

Now NCDEX Turmeric is getting support at 6027 and below same could see a test of 5955 level, and resistance is now likely to be seen at 6159, a move above could see prices testing 6219.

Turmeric on NCDEX settled up 1.23% at 6100 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.

Trading Ideas:
--Turmeric trading range for the day is 5954-6218.
--Turmeric gained as the crop reported damaged in Maharashtra and Karnataka, some parts of Andhra Pradesh and also lower sowing area in Tamil Nadu.
--Prices  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 Nizamabad, a major spot market in AP, the price ended at 6143.75 Rupees dropped 56.25 Rupees.

Courtesy: Kedia Commodities