Turmeric yesterday we have seen that market has moved 4% on heavy short covering amid lower stocks and strong demand at spot markets. The acreage under cultivation is estimated near 2.06 lakh hectares compared with 1.80 lakh hectares in the last year. The stock available is estimated around 12 lakh bags. Turmeric arrivals in the Nizamabad mandi surged marginally to 600 bags from 500 bags and Arrivals in the Erode mandi dipped to 12,000 bags from 15,000 bags. In Nizamabad, a major spot market in AP, the price ended at 14793.75 rupees gained by 191 rupees. Market has opened at 12990 & made a low of 12936 versus the day high of 13408. The total volume for the day was at 8000 lots and the open interest was at 11740. Support for turmeric is at 13093 below that could see a test of 12779. Resistance is now seen at 13565 above that could see a resistance of 13723.

Trading Ideas:

Turmeric trading range is 12779-13723.

Turmeric ended higher on heavy short covering amid lower stocks and strong demand

Turmeric is having resistance at 13565 and support at 13280 level.

Turmeric arrivals in Nizamabad mandi surged marginally to 600 bags from 500

In Nizamabad, a major spot market in AP, the price ended at 14793.75 rupees gained by 191 rupees.