Turmeric yesterday we have seen that market has moved -0.32% as the monsoon spreads its reach across the country while physical demand weakened on expectation of higher acreage. Timely rains are likely to support the sowing operations in the turmeric growing regions. Expectation of higher sowing is weighing on the sentiment. In Nizamabad, a major spot market in Andhra Pradesh, the price dropped 104 rupees to end at 14,480 rupees. Market has opened at 14188 & made a low of 14048 versus the day high of 14210. The total volume for the day was at 2990 lots and the open interest was at 4650.Support for turmeric is at 14012 below that could see a test of 13949. Resistance is now seen at 14174 above that could see a resistance of 14273.

Trading Ideas:

Turmeric trading range is 13949-14273.

Turmeric ended down as physical demand weakened on expectation of higher acreage

Turmeric looks to have resistance at 14000 and support is at 14170.

NCDEX accredited warehouses turmeric stocks rose 60 tonnes to 637 tonnes.

SELL TURMERIC JULY BELOW 14000 SL 14080 TGT 13940-13825.NCDEX

In Nizamabad spot prices fell 104 rupees and settled at 14480 rupees per 100 kg.