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Turmeric trading range for the day is 7130-7250
Turmeric on NCDEX settled down by -0.14% at 7190 due to higher sowing acreage in the current season. Further, Lower export demand too fuelled the downtrend. Though, expectation of pickup in domestic demand ahead of festival season, capped some losses. NCDEX accredited warehouses turmeric stocks dropped by 80 tonnes to 5454 tonnes.Regarding the price of the commodity, the finger variety was up Rs. 100 a quintal and the root variety Rs. 75. At the Erode Turmeric Merchants Association, the finger variety traded at Rs. 7,433-9,175 a quintal and the root variety Rs. 7,189-8,109. Of the arrival of 1,117 bags, 690 were sold. In Nizamabad, a major spot market in AP, the price ended at 7600 rupees gained 41.2 rupees.
Technically market is under fresh selling as market has witnessed gain in open interest by 5.33% to settled at 9985, now Turmeric is getting support at 7160 and below same could see a test of 7130 level, And resistance is now likely to be seen at 7220, a move above could see prices testing 7250.
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