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Short covering seen in NCDEX Turmeric
Commodity Online | September 13 2017
UPDATED 11:39:45 IST

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Technically NCDEX Turmeric is under short covering as market has witnessed drop in open interest by -0.17% to settled at 12010 while prices up 68 rupees.

Now Turmeric is getting support at 7594 and below same could see a test of 7472 level, And resistance is now likely to be seen at 7794, a move above could see prices testing 7872.

Turmeric on NCDEX settled up by 0.89% at 7718 due to anticipations of lower output because of insufficient rains in major producing states.

Rainfall in producing centres of Tamil Nadu, Andhra Pradesh, Telangana and Maharashtra are stated to be inadequate. Sowing in Telangana is almost complete in 45,000 hectares, lower by 1,000 hectare on year and crop is in vegetative stage.

According to preliminary estimates, overall output in the next season is expected to be lower than last year due to overall decline in sowing area on the back of unfavourable weather conditions.

Latest reports from Erode in Tamil Nadu indicate a drastic fall in sowing in those regions due to a drought like situation this year.

However, rains at this time would be critical for the crop in Maharashtra, while excess rains will be harmful for AP crop.

Rains in Tamil Nadu will have negligible impact. Turmeric production for the next season is estimated to be as good as last season with the producing regions in southern India experiencing good rainfall in the past few weeks.

Sowing of the commodity was last seen marginally lower than the preceding year but the higher rainfall is expected to boost the yield. The price of spot turmeric was decreased. In Nizamabad, a major spot market in AP, the price ended at 7761.1 Rupees dropped -11.1 Rupees.

Trading Ideas:

--Turmeric trading range for the day is 7472-7872.

--Turmeric ended with gains due to anticipations of lower output because of insufficient rains in major producing states.

--Sowing in Telangana is almost complete in 45,000 hectares, lower by 1,000 hectare on year and crop is in vegetative stage.

-NCDEX- accredited warehouses turmeric stocks gained by 219 tonnes to 4891 tonnes.

--In Nizamabad, a major spot market in AP, the price ended at 7761.1 Rupees dropped -11.1 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 200 9200.00
Coconut Oil NR 16900.00
Arecanut 3 2700.00
Sugar 1.6 3200.00

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