Commodity Outlook for Turmeric by KediaCommodity
Turmeric yesterday we have seen that market has moved -2.51% due to profit booking at the weekend amid slowdown in demand at the home market after recent rally in the prices and on estimates of higher output. Local demand has come down at higher levels but any sharp fall is unlikely because the stocks are negligible. In Nizamabad, a major spot market in AP, the price ended at 16800 rupees dropped by -106.25 rupees. Market has opened at 15400 & made a low of 14800 versus the day high of 15440.
The total volume for the day was at 2795 lots and the open interest was at 5295. Support for turmeric is at 14653 below that could see a test of 14407. Resistance is now seen at 15293 above that could see a resistance of 15687. Trading Ideas: Turmeric trading range is 14407-15687. Turmeric ended lower due to profit booking at the weekend Turmeric is having resistance at 15000 and support at 14760 level. NCDEX accredited warehouses turmeric stocks fell 20 tonnes to 3325 tonnes. In Nizamabad, a major spot market in AP, the price ended at 16800 rupees dropped by -106.25 rupees.