Turmeric yesterday we have seen that market has moved -0.56% due to profit booking as the commodity has traded up for quite few sessions owing to fresh buying led by lower stocks. However, diminishing supply of the commodity is likely to support the spice from further falling in near term as the new arrival will only be expected in the month of January. In Nizamabad, a major spot market in AP, the price ended at 16988.9 rupees gained by 936.4 rupees. Market has opened at 16088 & made a low of 15480 versus the day high of 16350. The total volume for the day was at 8965 lots and the open interest was at 5640.Support for turmeric is at 15329 below that could see a test of 14969. Resistance is now seen at 16199 above that could see a resistance of 16709.

Trading Ideas:

Turmeric trading range is 14969-16709.

Turmeric ended weak due to profit booking

Turmeric is having resistance at 15800 and support at 15550 level.

Spread between Turmeric DEC & APR contracts yesterday traded in the range of -6676 to -6130.

In Nizamabad, a major spot market in AP, the price ended at 16988.9 rupees gained by 936.4 rupees.