NCDEX Turmeric under fresh selling; Support seen at 5844
Commodity Online | September 21 2020
UPDATED 11:40:11 IST

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Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 0.24% to settled at 10450 while prices down 44 rupees.

Now NCDEX Turmeric is getting support at 5844 and below same could see a test of 5792 levels, and resistance is now likely to be seen at 5946, a move above could see prices testing 5996.

Turmeric yesterday settled up by 0.61% at 5932 as buyers reported active from lower levels as lower sowing area in Tamil Nadu due to deficient rainfall and in AP as shifted to Cotton and in some parts to Chilli due to current higher prices.

At spot market, new Turmeric supply continued with higher moisture level around 4 - 5%. Turmeric production for 2020-21 is estimated at 452,698 MT (basis dry crop) compared to previous year’s 532,353 MT. AP Govt. declared Turmeric support prices.

Earlier it was Rs.6,350/-per quintal but now it is Rs.6,850/-per quintal, for new crop from 1st February to 31st May. In Nizamabad, Turmeric growing regions, 70 – 75% harvesting completed and 60% traded already before lockdown as new crop arrivals started coming from January last week.

In Erode, 50 - 55% turmeric harvesting completed, harvesting process reported slow due to shortage of labour. Coimbatore – 60% completed, harvesting is going on. Salem – 65% completed, harvesting is going on.

In Maharashtra – Sangli growing regions – 15- 20% completed, harvesting is going on, in Basmat growing regions – 50-55% completed, harvesting is going on, not traded yet, in Nanded- 55-60% completed, harvesting is going on, not traded yet.

Trading Ideas:
--Turmeric trading range for the day is 5836-6000.
--Turmeric prices gained as buyers reported active from lower levels as lower sowing area in Tamil Nadu
--At spot market, new Turmeric supply continued with higher moisture level around 4 - 5%.
--Turmeric production for 2020-21 is estimated at 452,698 MT (basis dry crop) compared to previous year’s 532,353 MT.
--In Nizamabad, a major spot market in AP, the price ended at 5610 Rupees remains unchanged at0 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Coconut Oil 0.1 17900.00
Arecanut 0.1 34500.00
Rubber 0.9 13000.00
Gur 4.5 3380.00

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