NCDEX turmeric futures are expected to trade on slightly positive because of drastic fall in prices growers are becoming reluctant in further selling of their produce. Commodity market futures for Jeera NCDEX are expected to continue the bearish trend on poor domestic demand. Lack of active buying at spot market is likely to pull down the prices. However, the progress of monsoon has been good so far and is likely to progress in time towards the north-western region of India. This impact of monsoon might limit the gains. As of now monsoon prospects are favorable for guar sowing in Pakistan which might affect the Indian market sentiments. Refined soy oil is likely to extend the losses in the week ahead. The major reason for the fall is the higher stocks of the palm oil which is around 2 million tons. Cardamom futures are projected to continue the positive trend. Fresh buying at lower level is likely to support the prices. However, prices might take decent correction initially on profit selling on higher levels.
TURMERIC NCDEX (July)
Trend: Consolidate
Strategy: Sell on high
Resistance:
R2 - 7655
R1 - 7510
Support:
S1 - 7252
S2 - 7102
TURMERIC NCDEX (July)
Trend: Consolidate
Strategy: Sell on high
Resistance:
R2 - 7655
R1 - 7510
Support:
S1 - 7252
S2 - 7102
