Turmeric as per expectation edged lower as rising arrivals, yesterday we have seen that market has moved -0.19% on the hopes of higher output and weak exports may hurt sentiment.
Turmeric exports in December remained flat at 3,250 tonnes from 3,350 tonnes a year ago, the Spices Board said. In Nizamabad, a major spot market in Andhra Pradesh, the price dropped 194 rupees to 9,955 rupees.
Turmeric arrivals usually start in mid-January in small quantities. It gains momentum from March and continues through June. Market has opened at 6815 & made a low of 6740 versus the day high of 6890.
The total volume for the day was at 9430 lots and the open interest was at 23150.Support for tmc is at 6727 below that could see a test of 6658. Resistance is now seen at 6877 above that could see a resistance of 6958.
Trading Ideas:
Turmeric trading range is -4593-9187.
Turmeric edged down as rising arrivals, hopes of higher output and weak exports weighed
Turmeric is having support at 6727 whereas resistance is at 6877.
In Nizamabad spot market prices dropped 194 rupees to 9,955 rupees
SELL TMC FEB ON JUMP AT 6940 SL 7012 TGT 6900-6856-6810.NCDEX
Yesterday we have seen that open interest at 23150 and volume at 9430 lots. GOLD
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