Friday, 6 November 2015

NCDEX TIPS : TURMERIC MARKET UPDATE

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Turmeric settled up by 0.52% at 9258 on rising North India demand amidst falling stocks and lack of good quality stocks in mandis. Moreover, reports of lower sowing and water stress conditions in major turmeric growing state also supported the prices. Good rains in second part of September in southern peninsula region may enhance the turmeric production and quality but lower area in Telangana may reduce production this year. Sources also stated that around 40 lakh bags of total stocks have been reported in local mandies. While the total production in the coming year is expected to be around 55-60 lakh bags.
Technically market is under fresh buying as market has witnessed gain in open interest by 10.27% to settled at 15140 while prices up 48 rupee, now Turmeric is getting support at 9140 and below same could see a test of 9020 level, And resistance is now likely to be seen at 9360, a move above could see prices testing 9460.
Trading Ideas:
Turmeric trading range for the day is 9020-9460.
Turmeric prices gained on rising North India demand amidst falling stocks and lack of good quality stocks in mandis.
Moreover, reports of lower sowing and water stress conditions in major turmeric growing state also supported the prices.
NCDEX accredited warehouses turmeric stocks dropped by 207 tonnes to 7341 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 9028.55 rupees gained 30.85 rupees.

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