MUMBAI (Commoditiescontrol) - During 18-22 March 2019, Nizamabad received 55,000 bags of turmeric. The market was remained closed from 19-22 March 2019 on account of college festival.
The price of Finger (unpolished) minimum, maximum and modal price ranged between INR 40, 61, 53 per kg levels respectively. It resulted a slight correction from the previous week levels. On Monday (25 th March 2019), a huge arrival of turmeric can be expected in Nizamabad.
During the week, Erode market received 25,123 bags iof turmeric. In open market, the price of finger variety ranged between INR 54-79 per kg levels. Furthermore, once arrival pressure starts, a slight correction in price may be witnessed.
During the week, sangli market received 83,199 bags of turmeric. The market remained unchanged during the week. In coming days, due to limited availability of desired quality crop, price may come down further from the current levels.
Technical-NCDEX Turmeric April-19
Turmeric last week traded in the region of INR 6210 and 6054, finally settled the week around INR 6076
Expect further weakness towards INR 5900-5800 levels as the overall trend is weak
Upside for the time being capped in the region of INR 6210 and 6260
Any rebound should be considered as near term opportunity to initiate sell with targets of INR 5900-5800
(By Commoditiescontrol Bureau)
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