Demand slows for Turmeric, prices fall

Turmeric ended lower on expectation of higher crop this year. Spot prices have declined considerably on slowdown in demand which also weighed on prices.

In Nizamabad, a major spot market in Andhra Pradesh, price dropped 696 rupees and ended at 10227.15 rupees per 100 kg. Turmeric yesterday we have seen that market has moved -3.99%.

Market has opened at 9773 & made a low of 9574 versus the day high of 9773. The total volume for the day was at 3600 lots and the open interest was at 13970.Support for turmeric is at 9508 below that could see a test of 9441.

Resistance is now seen at 9707 above that could see a resistance of 9839.

Trading Ideas:

TURMERIC TRADING RANGE IS 9300-9850.
TURMERIC ENDED LOWER ON EXPECTATION OF HIGHER CROP THIS YEAR
STILL SELLING PRESSURE WILL BE SEEN IN THE COUNTER FOR TGT 9200 LEVEL.
A BREAK BELOW 9500 ONE CAN SHORT FOR TGT 9350-9300.
NOW RES IS AT 9680 ABV THIS A RALLY IS EXPECTED TILL 9800-9900.
IN NIZAMABAD SPOT PRICES DROPPED BY 696 RUPEES TO 10227.15 RUPEES PER 100 KG

Courtesy: Kedia Commodities

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