Turmeric yesterday we have seen that market has moved -4% weighed by higher carry-forward stocks and hopes of good crop due to favourable weather. Low trading activities continued to pressurize the rates for Turmeric though there was some support at these lower levels. Absence of demand, better crop prospects kept trend weak for the commodity. Traders thought feel however that with present rates being low, the downtrend may be limited. There could be possibility of bounceback in rates in coming days if the demand picks up. Turmeric arrivals in the benchmark Nizamabad mandi stood steady at 1,000 bags and the arrivals in the Erode mandi in the state of Tamil Nadu increased to 12,000 bags from 9,000 bags. In Nizamabad, a major spot market in AP, the price ended at 6245.2 rupees dropped by -54.8 rupees. Market has opened at 5782 & made a low of 5568 versus the day high of 5790. The total volume for the day was at 5000 lots and the open interest was at 13250.Support for turmeric is at 5494 below that could see a test of 5420. Resistance is now seen at 5716 above that could see a resistance of 5864.

Trading Ideas:

Turmeric trading range is 5420-5864.

Turmeric moved -4% weighed by higher carry-forward stocks and hopes of good crop due to favourable weather

Turmeric arrivals in Nizamabad mandi stood steady at 1,000 bags and in Erode increased to 12,000 bags

NCDEX accredited warehouses turmeric stocks gained by 80 tonnes to 7806 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6245.2 rupees dropped by -54.8 rupees.