Turmeric yesterday we have seen that market has moved -2.11% due to prospects of higher production with an increase in acreage. Poor domestic and overseas demand is also pulling down the prices. Sentiment is weak because of expectation of bumper crop on higher sowing and good rains. In Nizamabad, a major spot market in AP, the price ended at 13485 rupees dropped by -263.6 rupees. Market has opened at 12380 & made a low of 12102 versus the day high of 12440. The total volume for the day was at 3135 lots and the open interest was at 7115.Support for turmeric is at 12069 below that could see a test of 11917. Resistance is now seen at 12407 above that could see a resistance of 12593.

Trading Ideas:

Turmeric trading range is 11917-12593.

Turmeric ended lower due to prospects of higher production

Turmeric looks to have resistance at 12340 and support is at 12100.

Spread between Turmeric SEP & OCT contracts yesterday traded in the range of -610 to -532.

In Nizamabad, a major spot market in AP, the price ended at 13485 rupees dropped by -263.6 rupees.