NEW DELHI (Commoditiescontrol) - Good export demand kept turmeric prices buoyant at key markets during the week ended April 13, despite strong arrivals.
As per market experts, prices are likely to see more upside in coming days as arrivals at Nizamabad and Vikarabad will slow in next 15 days. Now, farmers are bringing their crops at market yard due to better realisation and availability of prompt/ready buyers.
A total of 80,000 bags of turmeric arrived at the Nizamabad market during the week which is 20,000 bags less than the last week.
Meanwhile, arrival of new crop has started at key markets. Trade activities were also returned to normalcy. But good demand against average supply is providing support to the prices. Stockists, traders, spices/masala companies and exporters are all active at the moment in the market.
In Maharashtra too, arrival has begun. Demand may emerge from spices, herbal and pharmaceutical companies for Maharashtra origin spice due to presence of higher medicinal content in it.
As per sources, prices are likely to get support at existing lower levels from export demand coming from Bangladesh and Dubai. Demand during Ramadan Season, which will run from May 15 to June 14 in 2018.
During the week (April 6 - April 13), turmeric May contract on NCDEX gained Rs 226 or 3.46 percent per 100kg with 35.36 percent and 32.02 percent increase in volume and open interest, respectively.
Prices may find support ahead as turmeric production is estimated lower this year, compared to last year. On the whole, market is buzzing now on the back of rising export as well as domestic demand. Besides clear weather has also eased the concerns over storage.
Furthermore, prices may witness an increase in the range of Rs 500 to Rs 800 per quintal if ongoing demand continues. But after Ramadan season prices are expected to come under pressure in the wake of decline in export demand.
Technical Analysis (Daily)
The trend is down but nature of the movement is sideways. Ideally, cover any pending short positions on dips to 6680 – 6600 levels or below as the opportunity arises.
Wait for any fresh positions for the time-being.
TREND INFORMATION WITH INTRA-DAY LEVELS
CLOSE |
DRV |
TREND* |
Trend Price |
Trend Date |
L1 |
L2 |
CP |
L3 |
L4 |
6750 |
6707 |
UP |
6718 |
12.04 |
6603 |
6701 |
6751 |
6799 |
6897 |
PRICE, VOLUME AND OPEN INTEREST STRATEGY
LAST CLOSE |
PRICE G/L% |
VOLUME |
% V INC/DEC |
OPEN INTEREST |
% OI INC/DEC |
CANDLE |
POSITION |
6750.0 |
0.5 |
3120 |
18.4 |
13605 |
2.2 |
Indecisive |
Unwinding |
TECHNICAL INDICATORS TABLE
RSI |
1-ROC-RSI |
STOCHASTIC |
1-ROC STOCHASTIC |
MACD |
1-ROCMACD |
RS |
1-ROC RS |
50.3 |
3.2 |
84 |
13.7 |
-78 |
16.4 |
62.46 |
4.45 |
(By Commoditiescontrol Bureau; +91-22-40015567)