Turmeric yesterday we have seen that market has moved -2.43% due to subdued domestic demand amid good supplies from the new season crop. There are expectations however that the exports are likely to rise in coming weeks that could support the falling rates Export demand from Gulf countries supported the prices to some extent. Apprehensions of damage to sown crops have been there. Good rains in the growing areas of AP and Karnataka raised possibilities of a better crop this year.  In Nizamabad, a major spot market in AP, the price ended at 8434.75 rupees dropped by -195.7 rupees. Market has opened at 8172 & made a low of 7950 versus the day high of 8182. The total volume for the day was at 4250 lots and the open interest was at 8040.Support for turmeric is at 7935 below that could see a test of 7827. Resistance is now seen at 8167 above that could see a resistance of 8291.

Trading Ideas:

Turmeric trading range is 7827-8291.

Turmeric dropped due to subdued domestic demand amid good supplies from the new season crop

Turmeric is having resistance at 8167 and support at 7935 level.

Good rains in the growing areas of AP and Karnataka raised possibilities of a better crop this year.

In Nizamabad, a major spot market in AP, the price ended at 8434.75 rupees dropped by -195.7 rupees.