Turmeric yesterday we have seen that market has moved 3.32% on short-covering supported by some overseas enquiries. Overseas demand is coming for the Indian origin turmeric. The bulk buyers are also expected to get active because prices have fallen significantly. Supplies have been rising continuously in the spot market due to higher production after farmers expanded area under the spice. Turmeric arrivals in Nizamabad mandi stood at 10,000 bags and arrivals in Erode were steady at 7,000 bags. In Nizamabad, a major spot market in AP, the price ended at 11382.35 rupees dropped by -77.65 rupees. Market has opened at 9346 & made a low of 9346 versus the day high of 9670. The total volume for the day was at 3830 lots and the open interest was at 6915.Support for turmeric is at 9434 below that could see a test of 9228. Resistance is now seen at 9758 above that could see a resistance of 9876.

Trading Ideas:

Turmeric trading range is 9223-9871.

Turmeric yesterday gained on short-covering supported by some overseas enquiries.

Turmeric is having resistance at 9780 and support at 9520 level.

Turmeric arrivals in Nizamabad mandi stood at 10,000 bags and arrivals in Erode were steady at 7,000 bags.

In Nizamabad, a major spot market in AP, the price ended at 11382.35 rupees dropped by -77.65 rupees.