Technically NCDEX Turmeric is under long liquidation as market has witnessed drop in open interest by -3.16% to settled at 11630 while prices down -80 rupees.
Now Turmeric is getting support at 7564 and below same could see a test of 7492 level, And resistance is now likely to be seen at 7744, a move above could see prices testing 7852.
Turmeric on NCDEX settled down by -1.04% at 7638 tracking weakness in spot demand on prospects of good monsoon. Prices of turmeric were down as turmeric yield and output is expected to improve in 2017-18 on good monsoon in the Southern India.
Turmeric output may rise at 1-1.1 million tons in 2017-18 season compared to last year. In 2016-17, turmeric output is pegged at 1.13 million tons by government in the third advance estimate, higher from 943,000 tons in 2015-16.
Moreover, despite of marginally lower sowing this year turmeric production is expected to rise on favourable rainfall. The price of spot turmeric remains stable.
At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,814 to Rs Rs. 8,806 a quintal, root variety sold at Rs. 5,199 to 8,191 a quintal. Of the arrival of 2,159 bags 1079 bags were sold.
At the Regulated Marketing Committee, finger turmeric sold at Rs. 7,559 to Rs. 8,499 a quintal, root variety sold at Rs. 7,289 to Rs. 8274 a quintal. All the 338 bags of turmeric placed for sale, were sold.
At the Erode Cooperative Marketing Society, finger turmeric sold at Rs. 7,622 to Rs. 8,809 a quintal, root variety sold at Rs. 6,769 to Rs. 8,399 a quintal. All the 729 bags of turmeric kept for sale, were sold. In Nizamabad, a major spot market in AP, the price ended at 7744.1 Rupees dropped -17 Rupees.
--Turmeric trading range for the day is 7492-7852.
--Turmeric prices dropped tracking weakness in spot demand on prospects of good monsoon.
--Turmeric yield and output is expected to improve in 2017-18 on good monsoon in the Southern India.
--NCDEX accredited warehouses turmeric stocks dropped by 280 tonnes to 4611 tonnes.
-- In Nizamabad, a major spot market in AP, the price ended at 7744.1 Rupees dropped -17 Rupees.
Courtesy: Kedia Commodities