Turmeric hit 4% upper circuit Saturday supported by overseas and local demand and a supply squeeze as farmers held back their produce for better prices. Overseas demand is coming from Gulf and European countries. Farmers are not bringing their produce in the market to sell at current prices as they have seen very good prices last year. In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 12,421 rupees. Turmeric yesterday we have seen that market has moved 4%. Market has opened at 12591 & made a low of 12584 versus the day high of 12918. The total volume for the day was at 10070 lots and the open interest was at 13900.Support for turmeric is at 12695 below that could see a test of 12473. Resistance is now seen at 13029 above that could see a resistance of 13141.

Trading Ideas:

Turmeric trading range is 12473-13141.

Turmeric hit 4% upper circuit Saturday supported by overseas and local demand

Overseas demand is coming from Gulf and European countries.

Turmeric looks to have resistance at 12980 and support is at 12840.

In Nizamabad spot prices ended at 12,421 rupees per 100 kg.

TURMERIC PROFIT BOOKING CAN BE SEEN TODAY BELOW 12800 LEVEL.