Turmeric yesterday we have seen that market has moved -1.16% on hopes of a likely surge in supplies due to estimates of higher production as farmers significantly expanded area under cultivation. Weakening export demand also weighed on sentiment. Arrivals from the new crop have started at some places in small quantities and are expected to improve gradually. Supplies are improving gradually in spot. Buying is slowing down as traders are expecting further fall in prices. In Nizamabad, a major spot market in AP, the price ended at 15115.75 rupees dropped by 121.10 rupees. Market has opened at 10172 & made a low of 10050 versus the day high of 10216. The total volume for the day was at 2235 lots and the open interest was at 5975.Support for turmeric is at 10016 below that could see a test of 9950. Resistance is now seen at 10182 above that could see a resistance of 10282.

Trading Ideas:

Turmeric trading range is 9943-10275.

Turmeric slipped on hopes of a likely surge in supplies due to estimates of higher production

Turmeric is having resistance at 10182 and support at 10016 level.

Arrivals from the new crop have started at some places in small quantities.

SELL TMC APR BELOW 10000 SL 10160 TGT 9880-9720.NCDEX

In Nizamabad, a major spot market in AP, the price ended at 15115.75 rupees dropped by -121.1 rupees.