MUMBAI (Commoditiescontrol) - In NCDEX, May 2019 contract as we rightly mentioned came under selling pressure and settled lower. Last week May contract was traded in the region of INR 6700 and INR 6258 and finally settled the week around INR 6400 per quintal.
In NCDEX May-19 contract turmeric may face stiff resistance around INR 6550-6600 and a close above to confirm room for further bullishness. As of now the crop is in line with market expectations and one can’t rule out turmeric prices retesting INR 6100-6000 levels before it could confirm further direction of the trend.
(By Commoditiescontrol Bureau)
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