Turmeric struck fresh contract highs tracking good demand in the spot market and dwindling stocks. Demand both from domestic and overseas market may gain momentum soon at current levels.

In Nizamabad, a major spot market in Andhra Pradesh, the price jumped 285 rupees to end at 9,441 rupees.

Turmeric yesterday we have seen that market has moved 4.01%. Market has opened at 9365 & made a low of 9365 versus the day high of 9551.

The total volume for the day was at 9550 lots and the open interest was at 22580.Support for turmeric is at 9427 below that could see a test of 9303. Resistance is now seen at 9613 above that could see a resistance of 9675.

Trading Ideas:

Turmeric trading range is 9303-9675.

Turmeric ended higher tracking good demand in the spot market and dwindling stocks

Resistance for turmeric is at 9480 and support is at 9620 level.

Yesterday we have seen that open interest at 22580 and volume at 9550 lots.

In Nizamabad spot prices gained by 285 rupees and ended at 9441 rupees.

TURMERIC TODAY SOME PULL BACK CAN BE SEEN BELOW 9480 TILL 9350 LEVEL.

Courtesy: Kedia Commodities

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