DAILY NCDEX REPORT FOR 01 JULY 2015

NCDEX Turmeric to trade bearish for short term

Short term support for NCDEX Turmeric June contract is seen at 6400 and resistance at 7600. Intra day support is seen at 7000 and resistance at 7100.   Turmeric prices kept trading near the strong psychological support of 7000. The uptrend was limited due to the above normal rains in growing states of AP and TN. However prospects of Monsoon weakening in July is supporting the market sentiments as any adverse report on the weather front would adversely affect the sowing of the new crop. 

Milan Shah, agri research analyst at commodity Online, said NCDEX Turmeric July contract is likely to trade bearish for short term and side ways for intra day. Short term support for NCDEX Turmeric June contract is seen at 6400 and resistance at 7600. Intra day support is seen at 7000 and resistance at 7100.

NCDEX Turmeric July contract was moving up by 1.2 per cent to 7088 level at 11.04 am on Wednesday.

The sowing of the crop have picked up in June as rains in growing areas in Andhra Pradesh and Tamil Nadu keep possibilities of improved sowing. This is preventing strong recovery of prices as of now. But with prices having fallen a lot, some bounce back too is possible.