NCDEX Turmeric under fresh selling; Support seen at 7424
Commodity Online | May 11 2021
UPDATED 11:40:33 IST

NCDEX Chana may trade between 4983-5289 levels

MCX Cotton under long liquidation; Support seen at 23430

NCDEX Jeera under fresh selling; Support seen at 13550

NCDEX Turmeric likely to move in a range of 7394-7946

NCDEX Mustard Seed under fresh selling; Resistance seen at 6584

Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 20.82% to settled at 8445 while prices down 130 rupees.

Now NCDEX Turmeric is getting support at 7424 and below same could see a test of 7300 levels, and resistance is now likely to be seen at 7718, a move above could see prices testing 7888.

Turmeric yesterday settled down by 1.69% at 7548 on profit booking as pressure seen after prices dropped across various agricultural produce marketing committee (APMC) yards in the country mainly on account of slack demand.

Turmeric prices are down as there is no demand because traders fear a fresh lockdown due to rise in Covid-19 cases could result in stockists' purchases dropping. Prices have declined by about ?1,000 a quintal at various APMCs in Tamil Nadu, Karnataka and Maharashtra.

Prices in Tamil Nadu and Maharashtra have slid to below ?7,400 from about ?8,400 at the start of the month. Arrivals are good but there is no demand particularly from stockists. Turmeric goes to Gujarat, particularly to cities such as Bhavnagar, Jamnagar and Ahmedabad.

But purchases from stockists have slowed down since they fear grocery stores will shut due to lockdown. According to the Spices Board of India, turmeric exports increased 34 per cent in volume during the April-December period of the last fiscal to 1.39 lakh tonnes (1.03 lakh tonnes).

The value of shipments increased 19 per cent to ?2,461 crore during the period. According to the first advance estimates of horticultural crop for the current season to June, turmeric production is projected to be lower at 11.06 lakh tonnes (lt) against 11.53 lt last year. In Nizamabad, a major spot market in AP, the price ended at 7600 Rupees dropped 73.55 Rupees.

Trading Ideas:
--Turmeric trading range for the day is 7300-7888.
--Turmeric dropped on profit booking as pressure seen after prices dropped across various APMC yards in the country
--Turmeric prices are down as there is no demand because traders fear a fresh lockdown due to rise in Covid-19 cases could result in stockists' purchases dropping
--Turmeric production is projected to be lower at 11.06 lakh tonnes (lt) against 11.53 lt last year.
--In Nizamabad, a major spot market in AP, the price ended at 7600 Rupees dropped 73.55 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Snake Gourd 1 1200.00
Green Chilli Seeds 1 1500.00
Ginger 2 1700.00
Cucumber 1 1400.00

More