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

Mentha Oil may trade between 1471.9-1645.7 levels

Aluminium market under long liquidation; Support seen at 137.7

Nickel market under fresh selling; Support seen at 913.5

MCX Zinc likely to trade between 169.1-176.7 levels

MCX Copper likely to trade between 411.9-428.3 levels

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 250 9000.00
Coconut Oil NR 25000.00
Arecanut NR 18500.00
Sugar NR 3900.00

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