Turmeric yesterday we have seen that market has moved 0.49% as bulk buying was seen at the spot market. However, the expectation of increased production this year capped the gains. Good rains in the growing areas of AP and Karnataka raised possibilities of a better crop this year. Traders expect production to range between 65- 70 lakh bags over the last years 48 lakh bags. Turmeric arrivals in Nizamabad mandi stood at 7,000 bags and arrivals in Erode standing steady at 4,000 bags. In Nizamabad, a major spot market in AP, the price ended at 11894.45 rupees dropped by -552.6 rupees. Market has opened at 9360 & made a low of 9230 versus the day high of 9444. The total volume for the day was at 2970 lots and the open interest was at 7175.Support for turmeric is at 9301 below that could see a test of 9159. Resistance is now seen at 9515 above that could see a resistance of 9587.

Trading Ideas:

Turmeric trading range is 9143-9571.

Turmeric gained as bulk buying was seen at the spot market.

Turmeric is having resistance at 9515 and support at 9301 level.

Turmeric arrivals in Nizamabad mandi stood at 7,000 bags and arrivals in Erode standing steady at 4,000 bag.

In Nizamabad, a major spot market in AP, the price ended at 0 rupees dropped by 0 rupees.