Turmeric yesterday we have seen that market has moved 0.57% due to depleting stocks and bargain buying. Moreover, reports of some export enquiries also supported the prices. However, fresh arrival is likely to limit the gains in the near term. Further, production this time is also expected on the higher side due to increased acreage of cultivation on account of good monsoon and better prices. Turmeric arrivals in Nizamabad mandi are around 6,000 bags and arrivals in Erode in the state of Tamil Nadu stood at 5,000 bags. In Nizamabad, a major spot market in AP, the price ended at 13190.9 rupees gained by 168.65 rupees. Market has opened at 9798 & made a low of 9760 versus the day high of 9946. The total volume for the day was at 1520 lots and the open interest was at 6165.Support for turmeric is at 9758 below that could see a test of 9666. Resistance is now seen at 9944 above that could see a resistance of 10038.

Trading Ideas:

Turmeric trading range is 9673-10045.

Turmeric ended positive due to depleting stocks and bargain buying.

Turmeric is having resistance at 9944 and support at 9758 level.

Fresh arrival is likely to limit the gains in the near term.

In Nizamabad, a major spot market in AP, the price ended at 13190.9 rupees gained by 168.65 rupees.