Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 4.82% to settled at 10770 while prices down 120 rup" />
 
NCDEX Turmeric under fresh selling; Support seen at 5804
Commodity Online | November 14 2019
UPDATED 11:40:46 IST

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Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 4.82% to settled at 10770 while prices down 120 rupees.

Now NCDEX Turmeric is getting support at 5804 and below same could see a test of 5738 levels, and resistance is now likely to be seen at 5980, a move above could see prices testing 6090.

Turmeric on NCDEX settled down by 2% at 5870 on better crop prospects amid weak export demand from Iran.  In Andhra Pradesh, Duggirala market turmeric supply reported on an average 5,000-6,000 quintals per day.

As per the latest statistics, the total area sown under turmeric in Telangana was at 48,315 hectare in the current 2019-20 season, slightly up from 47,790 hectare over the year-ago period, as per the latest sowing data released by the state agriculture department. On the demand side, there are negative cues from the spot market, owing to sluggish demand from the stockiest.

Only 55-60 per cent of turmeric that arrived was sold at the markets in Erode. Though farmers brought 3,000 bags of the spice, the stocks were of medium and poor quality. So, the traders purchased them for local orders. Indian turmeric exports have been hit by the US sanctions against Iran, the largest buyer of the spice from India.

Exports to Iran have come to a standstill since May with the expiry of the US sanctions waiver to India for six months. This has happened after a record turmeric export of over 1,20,000 tonnes in 2018-19, as per the trade figures. In Nizamabad, a major spot market in AP, the price ended at 6126.2 Rupees remains unchanged at 0 Rupees.

Trading Ideas:
--Turmeric trading range for the day is 5738-6090.
--Turmeric prices dropped on better crop prospects amid weak export demand from Iran.
--In Andhra Pradesh, Duggirala market turmeric supply reported on an average 5,000-6,000 quintals per day.
--As per the latest statistics, the total area sown under turmeric in Telangana was at 48,315 hectare in the current 2019-20 season
--In Nizamabad, a major spot market in AP, the price ended at 6126.2 Rupees remains unchanged at 0 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 1.5 7800.00
Coconut Oil 2.5 16800.00
Arecanut 1 21500.00
Sugar 0.4 4000.00

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