Turmeric yesterday we have seen that market has moved -1.1% on mounting supplies from the fresh crop in a year of higher estimated production. However, some enquiries from overseas market limited the fall. Supplies are very good in the market and are likely to remain strong till the end of March. Buying from local traders has come down on hopes of some correction in prices. India's turmeric exports in April-January fell 13 percent on year to 38,000 tonnes. Turmeric arrivals in Nizamabad mandi spurted to 12,000 bags from 4,000 bags and arrivals in Erode in the state of Tamil Nadu slipped to 12,000 bags from 13,000 bags. In Nizamabad, a major spot market in AP, the price ended at 11510 rupees dropped by -249.1 rupees. Market has opened at 9976 & made a low of 9826 versus the day high of 9976. The total volume for the day was at 1765 lots and the open interest was at 5980.Support for turmeric is at 9799 below that could see a test of 9737. Resistance is now seen at 9949 above that could see a resistance of 10037.

Trading Ideas:

Turmeric trading range is 9740-10040.

Turmeric ended weak on mounting supplies from the fresh crop in a year

Turmeric is having resistance at 9949 and support at 9799 level.

Turmeric arrivals in Nizamabad mandi spurted to 12,000 bags and in Erode slipped to 12,000 bags.

In Nizamabad, a major spot market in AP, the price ended at 11510 rupees dropped by -249.1 rupees.