Turmeric yesterday we have seen that market has moved -1.46% on the back of profit booking as traders booked their profit anticipating that the prices of the commodity will fall further due to its abundant supply amidst its weak demand. Also there is speculation of higher productivity for the crop this year since the farmers are expected to switch on to this crop due to its handsome gains earned on it last year. In Nizamabad, a major spot market in AP, the price ended at 15540 rupees dropped by -117.9 rupees. Market has opened at 13310 & made a low of 13100 versus the day high of 13400. The total volume for the day was at 3580 lots and the open interest was at 3905.Support for turmeric is at 13107 below that could see a test of 12953. Resistance is now seen at 13407 above that could see a resistance of 13553.

Trading Ideas:

Turmeric trading range is 12953-13553.

Turmeric ended lower on the back of continued profit booking

Turmeric is having resistance at 13400 and support at 13150 level.

NCDEX accredited warehouses turmeric stocks fell 60 tonnes to 4477 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 15540 rupees dropped by -117.9 rupees.