Turmeric yesterday we have seen that market has moved -1.34% on a decline in spot demand on prospects of higher production due to more area under the crop in the key cultivating regions. Weather is favourable for the growth of the crop. Production is likely to be higher. In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 14620 rupees dropped by -280 rupees. Market has opened at 13488 & made a low of 13306 versus the day high of 13588. The total volume for the day was at 6030 lots and the open interest was at 5740. Support for turmeric is at 13271 below that could see a test of 13147. Resistance is now seen at 13553 above that could see a resistance of 13711.

Trading Ideas:

Turmeric trading range is 13153-13717.

Turmeric fell on a decline in spot demand on prospects of higher production

Turmeric looks to have resistance at 13460 and support is at 13310.

NCDEX accredited warehouses turmeric stocks rose 90 tonnes to 4348 tonnes.

In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 14620 rupees dropped by -280 rupees.