Turmeric hit 4 percent upper circuit on buying by stockists, depleting carry-forward stocks and firm technical trend.

Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June.

Turmeric yesterday we have seen that market has moved 4%. Market has opened at 9706 & made a low of 9591 versus the day high of 10034.

The total volume for the day was at 24660 lots and the open interest was at 15120.

Support for turmeric is at 9739 below that could see a test of 9443. Resistance is now seen at 10182 above that could see a resistance of 10329.

Trading Ideas:

Turmeric trading range is 9443-10329.
Turmeric hit 4% upper circuit due to buying by stockists and depleting carry-forward stocks
Resistance for turmeric is at 10080 and support is at 9960 level.
Yesterday we have seen that open interest at 15120 and volume at 24660 lots.
Spread between Turmeric APR & MAY contracts yesterday traded in the range of -131 to -6.

Courtesy: Kedia Commodities

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