NCDEX Turmeric under fresh selling; Resistance seen at 7832
Commodity Online | June 11 2021
UPDATED 11:40:31 IST

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MCX Copper under long liquidation; Support seen at 688.7

Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 10.47% to settled at 9340 while prices down 40 rupees.

Now NCDEX Turmeric is getting support at 7674 and below same could see a test of 7614 levels, and resistance is now likely to be seen at 7832, a move above could see prices testing 7930.

Turmeric yesterday settled down by 0.51% at 7732 as the curbs and lockdowns announced to control the second wave of Covid-19 pandemic affected trading.

However downside seen limited on following export demand from Europe, Gulf countries and Bangladesh.

In Nizamabad APMC in Telangana, the modal price of the finger variety turmeric was quoted at ?6,950 a quintal. Prices are up about ?400 since the beginning of this month.

At Bangalore in Karnataka, turmeric is quoted at ?11,500 at the APMC yard with most markets closed in the State to control the Covid-19 pandemic.

In Tamil Nadu, too, the agricultural markets are closed as part of the lockdown to tackle the pandemic. Demand for exports to Bangladesh and Europe are helping turmeric prices to gain. Exporters are looking to pick up stocks from Nanded in view of its quality.

Turmeric has been in demand over the last two years as it is reported to be effective in medical use, particularly in combating Covid-19.

According to Spices Board data, turmeric exports during the April-December period of the last fiscal increased 34 per cent to 1.39 lakh tonnes valued at ?1,251 crore compared with 1.03 lakh tonnes valued at ?1,047 crore. In Nizamabad, a major spot market in AP, the price ended at 7545.65 Rupees dropped 10.85 Rupees.

Trading Ideas:
--Turmeric trading range for the day is 7614-7930.
--Turmeric dropped as the curbs and lockdowns announced to control the second wave of Covid-19 pandemic affected trading.
--However downside seen limited on following export demand from Europe, Gulf countries and Bangladesh.
--At least 50 per cent of the crop cultivated in the Maharashtra growing regions are estimated to have arrived at the terminal agricultural markets.
--In Nizamabad, a major spot market in AP, the price ended at 7545.65 Rupees dropped 10.85 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
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Cucumber 1 1500.00

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