Turmeric yesterday we have seen that market has moved 1.25% due to lower stocks and onreports of delayedarrivals from unseasonal rains in growing areas. Export demand for the yellowcommodity from Gulf countries also supported itsprice to some extent. But arrival of new crop in coming weeks could have some bearish impact on the market sentiments. Supplies from the newseason crop have been rising continuously in spot after farmers expanded area, lured by higher prices. In Nizamabad, a major spot market in AP, the price ended at 10676.2 rupees dropped by -441.95 rupees. Market has opened at 9798 & made a low of 9710 versus the day high of 9984. The total volume for the day was at 4545 lots and the open interest was at 7500. Support for turmeric is at 9752 below that could see a test of 9594. Resistance is now seen at 10026 above that could see a resistance of 10142.
Trading Ideas:
Turmeric trading range is 9594-10142.
Turmeric gained due to lower stocks and on reports of delayed arrivals from unseasonal rains in growing areas
Turmeric is having resistance at 10025 and support at 9750 level.
Supplies from the new season crop have been rising continuously in spot after farmers expanded area
In Nizamabad, a major spot market in AP, the price ended at 10676.2 rupees dropped by -441.95 rupees.
(Source: http://www.topnews.in/commodity-trading-tips-turmeric-kediacommodity-2318837)
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