NCDEX Turmeric sideways;Short term support: 6400

NCDEX Turmeric is likely to trade sideways for both short term and intra day. Short term support for NCDEX Turmeric August contract is seen at 6400 and resistance at 7550,
Intra day support is seen at 6700 and resistance at 6800. NCDEX Turmeric August contract has been moving up by 0.54 per cent to 6700 level at 11.13 am on Tuesday.
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.
A fall in production this year has been reported—mainly due to adverse Monsoon last year. However demand has remained low for the poor quality crop. Latest reports indicate stockists still releasing stocks—and this is keeping pressure on the prices. Higher delivery pressure also kept trend weak.
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