Technically Turmeric market is under long liquidation as market has witnessed drop in open interest by 18.21% to settled at 5995 while prices down 72 rupees.
Now NCDEX Turmeric is getting support at 5954 and below same could see a test of 5908 levels, and resistance is now likely to be seen at 6058, a move above could see prices testing 6116.
Turmeric yesterday settled down by 1.19% at 6000 dropped on profit booking after prices gained as buyers reported active from lower levels as area in Tamil Nadu and in AP as shifted to Cotton and in some parts to Chilli due to current higher prices.
At spot market, new Turmeric supply continued with higher moisture level around 4 – 5%. Turmeric production for 2020-21 is estimated at 452,698 MT (basis dry crop) compared to previous year’s 532,353 MT. AP Govt. declared Turmeric support prices.
Earlier it was Rs.6,350/-per quintal but now it is Rs.6,850/-per quintal, for new crop from 1st February to 31st May. In Nizamabad, Turmeric growing regions, 70 – 75% harvesting completed and 60% traded already before lockdown as new crop arrivals started coming from January last week.
In Erode, 50 – 55% turmeric harvesting completed, harvesting process reported slow due to shortage of labour. Coimbatore – 60% completed, harvesting is going on. Salem – 65% completed, harvesting is going on.
In Maharashtra – Sangli growing regions – 15- 20% completed, harvesting is going on, in Basmat growing regions – 50-55% completed, harvesting is going on, not traded yet, in Nanded- 55-60% completed, harvesting is going on, not traded yet.
Trading Ideas:
–Turmeric trading range for the day is 5908-6116.
–Turmeric dropped dropped on profit booking after prices gained as buyers reported active from lower levels as area in Tamil Nadu and in AP as shifted to Cotton.
–At spot market, new Turmeric supply continued with higher moisture level around 4 – 5%.
–Turmeric production for 2020-21 is estimated at 452,698 MT (basis dry crop) compared to previous year’s 532,353 MT.
–In Nizamabad, a major spot market in AP, the price ended at 5670.45 Rupees remains unchanged at0 Rupees.