Turmeric yesterday we have seen that market has moved 0.72% on dwindling stocks and on a decline in arrivals but higher sowing of the spice in key cultivating regions restricted the gains. In Erode, daily arrivals stood at 5,000 bags against an average of 8,000-10,000 bags last week. In Nizamabad, a major spot market in Andhra Pradesh, turmeric spot prices settled at 14,856 rupees. Market has opened at 13530 & made a low of 13482 versus the day high of 13788. The total volume for the day was at 2470 lots and the open interest was at 3345.Support for turmeric is at 13499 below that could see a test of 13337. Resistance is now seen at 13805 above that could see a resistance of 13949.

Trading Ideas:

Turmeric trading range is 13337-13949.

Turmeric ended higher on dwindling stocks and on a decline in arrivals

Turmeric looks to have resistance at 13805 and support is at 13500.

NCDEX accredited warehouses turmeric stocks remained at 3201 tonnes.

In Nizamabad turmeric spot prices settled at 14856 rupees per 100 kg