Turmeric yesterday we have seen that market has moved -3.95% as good rains in key growing areas raised hopes of better crop while overseas demand was poor. Hopes of higher crop are putting pressure on prices. In Nizamabad, a major spot market in Andhra Pradesh, turmeric fell 11 rupees to end at 15,086 rupees. Market has opened at 14266 & made a low of 13604 versus the day high of 14266. The total volume for the day was at 1045 lots and the open interest was at 2870.Support for turmeric is at 13387 below that could see a test of 13165. Resistance is now seen at 14049 above that could see a resistance of 14489.

Trading Ideas:

Turmeric trading range is 13165-14489.

Turmeric ended weak as good rains in key growing areas raised hopes of better crop

Turmeric looks to have resistance at 13740 and support is at 13500.

Spread between Turmeric SEP & OCT contracts yesterday traded in the range of -168 to 176.

In Nizamabad turmeric spot prices fell 15 rupees  and settled at 15086 rupees per 100 kg