Turmeric yesterday we have seen that market has moved 0.55% as trader’s indulged in buying at lower level in the spot market, thereby aiding the uptrend for the Turmeric. However, weak export demand to some extent restricted the gain of the commodity. Reports of rains in growing areas in Andhra Pradesh kept sentiments down. Low demand and reports of higher production and stocks in mandis are likely to pressurize the prices to some extent. There are expectations however of demand rising in coming weeks that could support the falling prices. Turmeric arrivals in the benchmark Nizamabad mandi stood at 2,000 bags and the arrivals at Erode in the state of Tamil Nadu stood at 10,000 bags. In Nizamabad, a major spot market in AP, the price ended at 7350 rupees dropped by -6.5 rupees. Market has opened at 7276 & made a low of 7240 versus the day high of 7344. The total volume for the day was at 3180 lots and the open interest was at 8285.Support for turmeric is at 7232 below that could see a test of 7184. Resistance is now seen at 7336 above that could see a resistance of 7392.

Trading Ideas:

Turmeric trading range is 7184-7392.

Turmeric gained as trader’s indulged in buying at lower level in the spot market

Turmeric is having resistance at 7336 and support at 7232 level.

NCDEX accredited warehouses turmeric stocks rose by 54 tonnes to 3155 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7350 rupees dropped by -6.5 rupees.