Turmeric yesterday we have seen that market has moved -0.5% on weak overseas demand and prospects of better crop with an increase in acreage in the country and favourable weather raising hopes of better yields. Weather is favourable for the growth of the crop. We are expecting bumper crop. In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 13979.95 rupees dropped by -36.85 rupees. Market has opened at 13160 & made a low of 13040 versus the day high of 13180. The total volume for the day was at 2055 lots and the open interest was at 7575.Support for turmeric is at 13024 below that could see a test of 12962. Resistance is now seen at 13164 above that could see a resistance of 13242.

Trading Ideas:

Turmeric trading range is 12961-13241.

Turmeric ended weak on weak overseas demand and prospects of better crop

Turmeric looks to have resistance at 13165 and support is at 13020.

Spread between Turmeric SEP & OCT contracts yesterday traded in the range of -804 to -700.

In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 13979.95 rupees dropped by -36.85 rupees.