NCDEX Turmeric: Good demand may support bullish trend

0
394
Short term support for NCDEX Turmeric June contract is seen at 7650 and resistance at 8620. Intra day support is seen at 8050 and resistance at 8150.
 
25 May 2015

Commodity Online

Turmeric futures traded on a positive note on Monday higher due to arrival of good quality turmeric and good buying by the stockiest on anticipation of demand from upcountry buyers. Turmeric June contract was moving up by 0.4 per cent to 8106 level around 11.01 am on Monday at NCDEX.

Demand for the commodity has been increasing rapidly from the medicinal and cosmetic industry. For 2014/15 season, there are concerns over crop loss due to cyclone ‘Hudhud’ that hit Andhra Pradesh in Oct 2014.

Sowing of Turmeric in AP for the 2014-15 season is reported at 0.13 lakh ha, as against 0.1 lakh ha last year. The area in Telangana stood at 0.446 lakh ha against 0.431 lakh ha last year.

As per Spices Board of India, the export target for the 2014-15 is 80,000 tonnes. Exports in turmeric have increased by 8% to 65,000 tonnes during Apr-Dec 2014 as compared to last year.

Milan Shah, agri research analyst at commodity Online, said NCDEX Turmeric June contract is bullish for short term and for intra day. Short term support for NCDEX Turmeric June contract is seen at 7650 and resistance at 8620. Intra day support is seen at 8050 and resistance at 8150.

– Commodity Online

LEAVE A REPLY

Please enter your comment!
Please enter your name here