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NCDEX Turmeric News By Ripples Advisory

Turmeric on NCDEX settled up by 0.48% at 8368 on receipt of orders from North India. Though, some gains were capped on monsoon progress in key turmeric producing belts, as the sowing is taking place in Andhra Pradesh, Karnataka and Telangana. curcuma3

Turmeric trading range for the day is 8216-8496. Turmeric production for the current crop year (2015-16) is estimated to be around 315,000 tons compared to the previous year production of 324,000 tons. During the Apr-Dec 2015, India exported 68,500 ton turmeric as against 64,785 ton a year ago because of increased demand from Gulf countries.

At Nizamabad market arrivals were reported at 2000 quintals, down by 1000 quintals as compared to previous day. At Warangal market estimated market supply was at 400 bags, higher by 200 bags as against previous day.

In Nizamabad, a major spot market in AP, the price ended at 8567.1 rupees gained 58.05 rupees.Technically now Turmeric is getting support at 8292 and below same could see a test of 8216 level, And resistance is now likely to be seen at 8432, a move above could see prices testing 8496.

GOLD MARKET NEWS UPDATE

GOLD

Gold rose 0.8% to USD 1,325.79 an ounce. Prices surged 8.1 percent on Friday to the highest in two years as the referendum result caused turmoil across global markets. Bullion rose for a second day as the pound extended a record sell off and European equities fell to the lowest since February.

Meanwhile, gold has rallied 25 per cent this year as investors sought a protection of wealth and the Federal Reserve indicated it would keep interest rates low.

At the MCX, Gold futures for August 2016 contract is trading at Rs 31,330 per kg, down by 0.69 %, after opening at Rs 31,450, against a previous close of Rs 31,401. It touched the intra-day low of Rs 31,301.

Gold prices are expected to witness profit booking. One can sell with a stop loss above 1700. Prices are expected to test 31250-100.

PVR Hopes to add Rs 200 crore Revenues from DT Cinemas Cuy

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PVR management is relieved that Competition Commission of India (CCI) has given its nod to the company’s acquisition of DT Cinemas as similar ethos and qualities of the two companies will provide great synergy going forward, said Sanjeev Kumar Bijli, Joint MD of the multiplex company.

Speaking to , company CMD Ajay Bijli said the DT acquisition will further boost PVR’s revenues by Rs 200 crore and will add 60-70 new screens this year.

With this deal, the company will add an EBITDA of Rs 40-50 crore, said Bijli brothers in unison. While almost 80 percent of the company’s portfolio is under matured properties, some properties opened last year will mature and strengthen books going ahead, Ajay said.

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UCO Bank’s Director Sunil Kumar Maheswari Resigns

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UCO Bank has informed BSE that Prof. Sunil Kumar Maheswari, who was appointed on the Board of the Bank as part time Non-official Director for a period of three years under Section 9(3) (h) of Banking Companies (Acquisition and Transfer of Under takings) Act, 1970 vide Government of India notification dated June 21, 2013 has demitted his office on completion of his tenure.

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GOLD MARKET NEWS

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Gold hovered near its lowest in over a week on Wednesday as Asian stocks rose amid indications that Britain would vote to remain in the European Union. Bullion fell nearly 2 percent on Tuesday in its biggest one-day loss in a month, touching its weakest since June 10 at $1,264.10 an ounce.

That came after two opinion polls on Monday suggested it was increasingly likely Britain would choose to stay in the EU. A vote on June 23 by Britain to leave the 28-member EU, dubbed “Brexit,” could tip Europe back into recession, putting more pressure on the global economy, thereby increasing the safe-haven appeal of bullion.

Spot gold was nearly flat at $1,268.49 an ounce at 0351 GMT. U.S. gold was down 0.1 % at $1,271.40 an ounce.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.39 % to 912.33 tonnes on Tuesday, the highest since September 2013.

MCX MARKET MORNING TREND

GOLD
SUPPORT: 29000/29150
RESISTANCE: 29500/29650
TREND: UP
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SILVER
SUPPORT: 39000/39400
RESISTANCE: 40100/40500
TREND: UP

CRUDE OIL
SUPPORT: 2720/2770
RESISTANCE: 2860/2910
TREND: SIDEWAYS

COPPER
SUPPORT: 319/322
RESISTANCE: 328/331
TREND: UP

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