Turmeric yesterday we have seen that market has recovered some of its losses on a decline in arrivals and poor stocks. In Erode, arrivals have declined to 5,000 bags (70 kg) against 7,000-8,000 bags daily last week. Progress in the movement of monsoon is however limiting the upside. In Nizamabad, a major spot market in Andhra Pradesh, the price inched up 8 rupees to end at 14,684 rupees. Market has opened at 14250 & made a low of 14182 versus the day high of 14355. The total volume for the day was at 1360 lots and the open interest was at 4010.Support for turmeric is at 14173 below that could see a test of 14091. Resistance is now seen at 14346 above that could see a resistance of 14437.

Trading Ideas:

Turmeric trading range is 14091-14437.

Turmeric recovered some of its losses on a decline in arrivals and poor stocks

Turmeric looks to have resistance at 14346 and support is at 14170.

NCDEX accredited warehouses turmeric stocks rose 60 tonnes to 557 tonnes.

SELL TMC JULY @ 14400 SL 14475 TGT 14340-14280-14220.NCDEX

In Nizamabad spot prices gained 8 rupees and settled at 14684 rupees per 100 kg.