Turmeric under fresh selling; Resistance seen at 6606

Turmeric market is under fresh selling as market has witnessed gain in open interest by 1.91% to settled at 14410 while prices down 22 rupees.

Now NCDEX Turmeric is getting support at 6518 and below same could see a test of 6476 level, And resistance is now likely to be seen at 6606, a move above could see prices testing 6652.

Turmeric on NCDEX settled down by 0.33% at 6562 due to lower exports and anticipation of good crop next season. In recent session prices seen some pressure amid increased acreage of turmeric in Tamilnadu, Karnataka and Maharashtra and slip in exports.

According to farmers this year production in Maharashtra can be less than last year. Deficit rainfall in Maharashtra and Karnataka affected Turmeric standing crop. Lower rainfall reported in Maharashtra Marathwada turmeric growing regions like Hingoli, Sangli, Nanded, Basmath affect Turmeric standing crop.

Turmeric output this year is expected to be higher in the states 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 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.As per data released by Commerce Ministry, turmeric exports during the month of Sep 2018, up 16.5% on year to 9,064 tonnes.

Turmeric exports in 2018/19 (Apr-Sep) is up 10.6% at 65,547 tonnes compared to 59,285 last year for the same time. During the November, arrivals of turmeric have been higher at 12,067 t (Vs 9,547 t) compared last year, as per data.  In Nizamabad, a major spot market in AP, the price ended at 7015 Rupees gained 10 Rupees.

Trading Ideas:
–Turmeric trading range for the day is 6476-6652.
–Turmeric prices dropped due to lower exports and anticipation of good crop next season.
–In recent session prices seen some pressure amid increased acreage of turmeric in Tamilnadu, Karnataka and Maharashtra and slip in exports.
–NCDEX accredited warehouses turmeric stocks gained by 50 tonnes to 3299 tonnes.
–In Nizamabad, a major spot market in AP, the price ended at 7015 Rupees gained 10 Rupees.

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *