Turmeric yesterday we have seen that market has moved -0.95% as speculators booked out their profits on hopes of increased arrivals due to estimates of higher production, which could drag down the prices in the near term. Further, sluggish export demand for turmeric also weighed on the local sentiment. Arrivals have started increasing in the spot market. Total supplies will be higher this year because of increased production. Turmeric arrivals in Nizamabad mandi is around 5000 bags and arrivals in Erode surged to 4,000 bags from 3,000 bags. In Nizamabad, a major spot market in AP, the price ended at 14507.15 rupees dropped by -354.35 rupees. Market has opened at 9910 & made a low of 9806 versus the day high of 9940. The total volume for the day was at 2085 lots and the open interest was at 6450.Support for turmeric is at 9791 below that could see a test of 9731. Resistance is now seen at 9925 above that could see a resistance of 9999.

Trading Ideas:

Turmeric trading range is 9727-9995.

Turmeric ended weak as speculators booked out their profits on hopes of increased arrivals

Turmeric is having resistance at 9925 and support at 9791 level.

Turmeric arrivals in Nizamabad mandi slipped to 3,000 and arrivals in Erode surged to 3,000 bags.

SELL TMC APR BELOW 9800 SL 9960 TGT 9720-9600-9480.NCDEX

In Nizamabad, a major spot market in AP, the price ended at 14507.15 rupees dropped by -354.35 rupees.