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Turmeric Under Fresh Selling; Resistance Seen At 6364

By CommodityOnline (Commodity Online)CommoditiesFeb 13, 2019 12:33
in.investing.com/analysis/turmeric-under-fresh-selling-resistance-seen-at-6364-200207665
Turmeric Under Fresh Selling; Resistance Seen At 6364
By CommodityOnline (Commodity Online)   |  Feb 13, 2019 12:33
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Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 1.81% to settled at 12915 while prices down 20 rupees.

Now NCDEX Turmeric is getting support at 6306 and below same could see a test of 6282 level, And resistance is now likely to be seen at 6364, a move above could see prices testing 6398.

Turmeric on NCDEX settled down by 0.31% at 6330 amid expectations of increase in arrivals at the spot markets in the coming days with better moisture content. However downside seen limited on the back of concerns that drought conditions and cold weather will affect the crop production.

There are concerns that drought conditions and cold weather will adversely affect the production. Fresh arrivals are expected to increase at the spot market and will remain peak due to the harvesting activities.

Crop prospects have improved in Maharashtra and overall output is expected to be higher. Demand for turmeric is sluggish in physical as traders are not interested in old crop produce and are awaiting the commencement of new crop supplies, which are likely to hit markets soo.

There are yield concerns from few growing regions as drought conditions and cold weather has not supported the crop; however overall crop in the season will be higher due to increased area. Turmeric production is expected to be higher this season due to higher acreage in Telangana.

As per data released by Commerce Ministry, turmeric exports during the month of Oct 2018, up 33.7% on year to 10,486 tonnes (Vs 7,845 tonnes). Turmeric exports in 2018/19 (Apr-Oct) is up 13.3% at 70,033 tonnes compared to 67,129 last year for the same period. In Nizamabad, a major spot market in AP, the price ended at 6579.15 Rupees dropped 16 Rupees.

Trading Ideas:
--Turmeric trading range for the day is 6282-6398.
--Turmeric dropped amid expectations of increase in arrivals at the spot markets in the coming days with better moisture content.
--However downside seen limited on the back of concerns that drought conditions and cold weather will affect the crop production.
--NCDEX accredited warehouses turmeric stocks dropped by 10 tonnes to 60 tonnes.
--In Nizamabad, a major spot market in AP, the price ended at 6579.15 Rupees dropped 16 Rupees.

Turmeric Under Fresh Selling; Resistance Seen At 6364
 
Turmeric Under Fresh Selling; Resistance Seen At 6364

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