NCDEX Turmeric Market Report Update By Ripples Advisory
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Technically market is under long liquidation as market has witnessed drop in open interest by -0.47% to settled at 11640 while prices down -54 rupee, now Turmeric is getting support at 6947 and below same could see a test of 6901 level, And resistance is now likely to be seen at 7033, a move above could see prices testing 7073.
Trading Ideas
Turmeric on NCDEX settled down -0.77% at 6994 amid expectation of good crop next season and as damage to the turmeric crop in recent rains is not significant. Turmeric crop is pest free this year. The availability of good quality is quite low and crop arriving currently is of medium to low quality. Next year crop is expected to be higher which is keeping stockiest at bay. Exporters are active in market due to their prior commitment but demand has been hurt since they are finding difficult to source material. On the export front, country exported about 51,147 tonnes of turmeric during April-September period, up by 27% to 58,233 tonnes compared last year, as per government data.
Technically market is under long liquidation as market has witnessed drop in open interest by -0.47% to settled at 11640 while prices down -54 rupee, now Turmeric is getting support at 6947 and below same could see a test of 6901 level, And resistance is now likely to be seen at 7033, a move above could see prices testing 7073.
Trading Ideas
- Turmeric trading range for the day is 6900-7072.
- Turmeric dropped amid expectation of good crop next season and as damage to the turmeric crop in recent rains is not significant.
- NCDEX accredited warehouses turmeric stocks dropped by 556 tonnes to 1372 tonnes.
- In Nizamabad, a major spot market in AP, the price ended at 7761.25 rupees dropped -25.65 rupees.
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