Turmeric edged up supported by depleting stockpile and thin arrivals in the physical market. Output estimates for this season are higher and that will keep prices under pressure going forward. The market is expecting a rise in production this year on the back of higher area and favourable weather. In the spot market in Nizamabad in the southern state of Andhra Pradesh, prices fell by 25 rupees to 10,207 rupees per 100 kg. Turmeric yesterday we have seen that market has moved 0.96%.

Market has opened at 7060 & made a low of 6985 versus the day high of 7144. The total volume for the day was at 8150 lots and the open interest was at 13690. Support for turmeric is at 6992 below that could see a test of 6909. Resistance is now seen at 7151 above that could see a resistance of 7227.

Trading Ideas:

TURMERIC TRADING RANGE IS 6800-7300.

TURMERIC EDGED UP ON DEPLETING STOCKPILE AND THIN ARRIVALS IN THE PHYSICAL MARKET

NOW RESIST IS AT 7150 AND SUPPORT WILL BE AT 6990.

IN NIZAMABAD SPOT MARKET FELL BY 25 RUPEES TO 10207 RUPEES PER 100 KG

WAIT FOR RFESH ENTRY IN TURMERIC BUY CALL TILL 6900 LEVEL. NCDEX

SELL TURMERIC APR BELOW 7000 SL 7122 TGT 6945-6890-6820. NCDEX