Turmeric likely to move in a range of 6394-6574

Turmeric is getting support at 6438 and below same could see a test of 6394 level, And resistance is now likely to be seen at 6528, a move above could see prices testing 6574.

Turmeric on NCDEX settled up 0.43% at 6482 on short covering after prices dropped amid reports of higher sowing in turmeric areas of Tamilnadu, Karnataka and Maharashtra.

According to the Department of Horticulture and Plantation Crops of Tamil Nadu, acreage of turmeric in Erode may jump nearly 80% on year to 5,300 hectare in 2018-19 (Jul-Jun) because of very good rainfall this year and availability of other water sources.

In Telangana, turmeric acreage rose to 47,790 hectare compared to 44,956 hectare a year ago, state government data showed. In Andhra Pradesh, farmers planted turmeric over area 18,000 hectares, up from 14,000 hectares a year ago.

Turmeric exports in 2018-19 (Apr-Sep) is up by 10.6% at 65,547 ton compared to 59,285 ton last year for the same time. As per reports, standing crop likely to damage around 10 – 20% currently, if higher temperature will continue next 15 – 20 days damage percentage may go up to 30-40%.

Moreover, turmeric sowing in all major producing states is higher than last year as weather remained favourable. During the October, arrivals of turmeric have been higher at 12,478 t (Vs 10,978 t) compared last year, as per data.

As per data released by Commerce Ministry, turmeric exports during the month of Sep 2018, up 16.5% on year to 9,064 tonnes (Vs 7,783 tonnes).

According to the Department of Horticulture and Plantation Crops of Tamil Nadu, acreage of turmeric in Erode may jump nearly 80% on year to 5,300 hectare in 2018-19 (Jul-Jun) because of very good rainfall this year and availability of other water sources.

Trading Ideas:
–Turmeric trading range for the day is 6394-6574.
–Turmeric traded in range amid lower than expected exports and domestic demand.
–Besides, higher arrivals from growing regions and reports on higher acreage also weighed on the prices.
–NCDEX accredited warehouses turmeric stocks dropped by 299 tonnes to 3135 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7178.95 Rupees remains unchanged at0 Rupees.

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