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NCDEX Turmeric under short covering
Commodity Online | January 12 2018
UPDATED 11:15:50 IST

Mentha Oil market under long liquidation; Resistance seen at 1576.1

Aluminium market under short covering; Support seen at 140.7

Nickel market under fresh buying; Support seen at 813.7

MCX Zinc likely to trade in a range between 217-221.6

Copper market under short covering; Support seen at 457

Technically NCDEX Turmeric is under short covering as market has witnessed drop in open interest by -1.83% to settled at 9935 while prices up 42 rupees.

Now Turmeric is getting support at 7510 and below same could see a test of 7448 level, And resistance is now likely to be seen at 7626, a move above could see prices testing 7680.

Turmeric on NCDEX settled up by 0.56% at 7572 as reports of thin supplies in local markets and decline of yield due to poor rainfall in major producing states such as Tamilnadu, Andhra Pradesh and Telengana triggered fresh buying.

New crop would commence by the end of this month and expectations of selling by the AP Markfed. AP Markfed had purchased nearly 48,500 ton turmeric under market intervention scheme. Standing turmeric crop is mostly in its vegetative to development stage across major growing states.

As per preliminary estimates, output in the season is expected to decline slightly due to lower sowing. Arrivals of new crop generally start in December and picks up in January-February. Spot turmeric prices decreased at Erode markets due to slack demand from upcountry buyers.

Around 5,000 bags arrived for sale and the buyers purchased all the 600 bags of good quality turmeric and purchased 2,500 and odd bags of medium quality. The best quality finger variety went for ?8,400 a quintal in all the markets and the root variety at ?7,800.

At the Erode Turmeric Merchants Association, the finger turmeric fetched ?5,555-8,539 a quintal; root variety ?5,209-7,803. Of the arrival of 3,574 bags, 1,339 were traded. In Nizamabad, a major spot market in AP, the price ended at 7650 Rupees gained 33.35 Rupees.

Trading Ideas:

--Turmeric trading range for the day is 7448-7680.

--Turmeric gained as reports of thin supplies in local markets and decline of yield due to poor rainfall in major producing states.

--New crop would commence by the end of this month and expectations of selling by the AP Markfed.

--Around 5,000 bags arrived for sale and the buyers purchased all the 600 bags of good quality turmeric and purchased 2,500 and odd bags of medium quality.

--In Nizamabad, a major spot market in AP, the price ended at 7650 Rupees gained 33.35 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 220 9500.00
Coconut Oil 1 22700.00
Arecanut 85 2400.00
Sugar NR 4425.00

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