Turmeric yesterday we have seen that market has moved -4.27% depressed by poor demand and prospects of higher crop due to an increase in acreage. Farmers sowed turmeric in larger areas this season after a shortage pushed up prices sharply last year, while higher-than-normal rains have also boosted output estimates. India's NCDEX has reduced the special margin on buy positions for turmeric to 5 percent from 15 percent. In Nizamabad, a major spot market in AP, the price ended at 13748.6 rupees dropped by 230.40 rupees. Market has opened at 12500 & made a low of 12060 versus the day high of 12650. The total volume for the day was at 6340 lots and the open interest was at 7110.Support for turmeric is at 11863 below that could see a test of 11667. Resistance is now seen at 12453 above that could see a resistance of 12847.

Trading Ideas:

Turmeric trading range is 11667-12847.

Turmeric ended lower depressed by poor demand and prospects of higher crop

Turmeric looks to have resistance at 12180 and support is at 11930.

NCDEX has reduced the special margin on buy positions for turmeric to 5 percent

In Nizamabad, a major spot market in AP, the price ended at 13748.6 rupees dropped by 0 rupees.