Turmeric yesterday we have seen that market has moved 0.19% on the back of short covering, as most dealers felt the price of the commodity would fall on estimates of higher production. Meanwhile, moderate domestic demand too has been there. Stockists reportedly held back their stocks in anticipation of a rising demand in coming days. The arrivals in the Nizamabad mandi is in the range of 500 bags to 1,000 bags while arrivals in the Erode mandi is in the range of 3,500 bags to 2,000 bags. In Nizamabad, a major spot market in AP, the price ended at 14714.3 rupees gained by 53.2 rupees. Market has opened at 12360 & made a low of 12242 versus the day high of 12558. The total volume for the day was at 950 lots and the open interest was at 3280.Support for turmeric is at 12269 below that could see a test of 12097. Resistance is now seen at 12585 above that could see a resistance of 12729.

Trading Ideas:

Turmeric trading range is 12097-12729.

Turmeric ended positive on the back of short covering

Turmeric is having resistance at 12585 and support at 12300 level.

NCDEX accredited warehouses turmeric stocks fell 30 tonnes to 4597 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 14714.3 rupees gained by 53.2 rupees.