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Support seen at 7310 for NCDEX Turmeric
Commodity Online | December 07 2017
UPDATED 11:00:34 IST

MCX Nickel under short covering; Resistance seen at 723.3

Zinc likely to trade in a range between 201.2-207 levels

MCX Cotton under short covering

Fresh buying seen in MCX Cardamom; Resistance seen at 1086

Fresh selling seen in NCDEX Jeera ; Support seen at 21240

Technically NCDEX Turmeric is under fresh buying as market has witnessed gain in open interest by 6.25% to settled at 7560 while prices up 84 rupees.

Now Turmeric is getting support at 7310 and below same could see a test of 7174 level, And resistance is now likely to be seen at 7534, a move above could see prices testing 7622.

Turmeric on NCDEX settled up by 1.14% at 7444 on expectation of arrival of new season crop and lower than expected exports figures. Supplies from the government auctions and arrivals of medium quality supplies have pressured the price further.

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. In Tamil Nadu, turmeric growing regions still no rainfall reported only coastal regions received higher rainfall currently.

Turmeric farmers were waiting for rainfall as standing crop requires 2-3 times rainfall till 15 Dec for better yield otherwise yield might get affected. As per farmer sowing intentions estimated, current year Turmeric area was reported lower in Tamil Nadu by around 40-45% due to lower rainfall in sowing period.

The arrival of turmeric for sale has been increased. The arrival of turmeric has increased, but only medium and poor quality arrived heavily and only negligible number of fine variety turmeric arrived for sale. S. In Nizamabad, a major spot market in AP, the price ended at 7648.65 Rupees dropped -27.9 Rupees.

Trading Ideas:

--Turmeric trading range for the day is 7174-7622.

--Turmeric prices gained as output in the season is expected to decline slightly due to lower sowing area.

--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.

--In Nizamabad, a major spot market in AP, the price ended at 7648.65 Rupees dropped -27.9 Rupees.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 6.4 9600.00
Coconut Oil 3.5 22900.00
Arecanut 40 2350.00
Sugar NR 4450.00

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