NCDEX Turmeric under long liquidation; Support seen at 8778
Commodity Online | March 05 2021
UPDATED 11:40:09 IST

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Technically Turmeric market is under long liquidation as market has witnessed drop in open interest by 2.55% to settled at 8980 while prices down 372 rupees.

Now NCDEX Turmeric is getting support at 8778 and below same could see a test of 8592 levels, and resistance is now likely to be seen at 9336, a move above could see prices testing 9708.

Turmeric yesterday settled down by 3.98% at 8964 as no demand for shipments at current prices of around ?9,000 and export prospects of turmeric have been affected. However downside seen limited amid fears of lower output.

Apart from the quality of new goods being lighter, the percentage of moisture is also coming higher. The arrival of dry goods in the coming days, the quality will also start to improve.

The arrival of new goods has started in Telangana and Sangli Mandi in Maharashtra. The arrival of new crop on the Erode line will start in the month of March.

But due to less sowing this year, the production is also less likely than last year. During the current week Erode single polished bundle in Erode Mandi was quoted at Rs 6100/6300 with a rise from Rs 5800/6000.

In recent sessions, prices were up in the spot due to lack of stock and inward arrivals of new goods in the month of February-March. During the current week, the price of Gatta without polish in Warangal rose by Rs 200 to Rs 5600.

While the double polished bundle was strengthened from Rs 6200 to Rs 6400. Further new goods arrived in the turmeric auction held in Sangli Mandi, Maharashtra in the beginning of the week but due to moisture and quality turmeric trade was low. In Nizamabad, a major spot market in AP, the price ended at 8075 Rupees gained 3.55 Rupees.

Trading Ideas:
--Turmeric trading range for the day is 8592-9708.
--Turmeric prices dropped as no demand for shipments at current prices of around ?9,000 and export prospects of turmeric have been affected.
--Apart from the quality of new goods being lighter, the percentage of moisture is also coming higher.
--The arrival of dry goods in the coming days, the quality will also start to improve.
--In Nizamabad, a major spot market in AP, the price ended at 8075 Rupees gained 3.55 Rupees.

Courtesy: Kedia Commodities
Commodity Arrivals Rate
Mustard Oil 1 12500.00
Ghee 9 43000.00
Coconut Oil 0.1 18100.00
Tamarind Seeds 25 3150.00

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