Fresh buying seen in NCDEX Turmeric

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Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 0.29% to settled at 13730 while prices up 44 rupees.

Now Turmeric is getting support at 6781 and below same could see a test of 6725 level, And resistance is now likely to be seen at 6911, a move above could see prices testing 6985.

Turmeric on NCDEX settled up 0.65% at 6838 on receipt of fresh upcountry demand for the turmeri at the spot market.

Though, some gains were capped on heavy arrivals from the producing regions. The turmeric arrivals in the country increase to 28,337 tons last week (20-25 February) compared to 7,300 tons during previous week.

At Nizamabad market, sources reported arrivals at 13000 quintals, lower by 2000 quintals from previous trading day. At Warangal market, arrivals were reported at 200 bags, steady as against previous day’s arrival.

Some traders have received fresh upcountry demand for the turmeric. At the Erode Turmeric Merchants Association Sales yard the finger turmeric sold at Rs. 5,366-9,211 a quintal, root variety sold at Rs. 5,211-7,879.

At the Regulated Marketing Committee the finger turmeric sold at Rs. 6,818-8,441, root variety sold at Rs. 6,299- 7,709.

At the Erode Cooperative Marketing Society finger turmeric sold at Rs. 6,865-8,659. Root variety sold at Rs. 6,539-7,759. New crop arrivals have started in all the major producing centres of Andhra Pradesh, Telangana, Maharashtra, Odisha. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc.

According to trade sources turmeric output is expected to be around 7.5-8 million bags. India’s Apr-Sept turmeric export stood at 59,000 ton up 47% on year, according to Spices Board data.

Trading Ideas:

–Turmeric trading range for the day is 6724-6984.

–Turmeric prices gained on receipt of fresh upcountry demand for the turmeric at the spot market.

–The turmeric arrivals in the country increase to 28,337 tons last week (20-25 February) compared to 7,300 tons during previous week.

–At Nizamabad market, sources reported arrivals at 13000 quintals, lower by 2000 quintals from previous trading day.

–In Nizamabad, a major spot market in AP, the price ended at 6858.35 Rupees dropped -120.2 Rupees.

Courtesy: Kedia Commodities

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