Turmeric trading ideas for June 15

Turmeric trading range for the day is 3632-3712. Support for Turmeric is at 3654 below that could see a test of 3632. Resistance is now seen at 3694 above that could see a resistance of 3712. Market has opened at 3690 and made a low of 3650 versus the day high of 3690. The total volume for the day was at 6205 lots and the open interest was at 38295.

Turmeric yesterday moved -0.05% as wholesale traders have high inventories and exporters wait for prices to stabilise before shipping. In Nizamabad, a major spot market in AP, the price ended at 3461.9 rupees dropped by -16.8 rupees.

Turmeric prices remained steady throughout the session and ended 0.48% lower on Thursday. Prices in the Futures also witnessed mixed trend and settled 0.73% lower yesterday.

Turmeric prices in the intraday are likely to witness selling pressure on account of ample supplies in the domestic market. Delay in the advancement of the monsoon is controlling prices from falling sharply. In the medium to long term prices are expected to track demand from the overseas and domestic buyers and advancement of south west monsoon to the interior parts of India particularly parts of Andhra Pradesh and Tamil Nadu.

NCDEX Turmeric prices settled steady because of higher arrivals and sluggish demand in the market and are also likely to go downside up to Rs.3600 on lower side for short terms. [ News Source ]

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