Turmeric likely to withstand selling pressure today
Turmeric trading range for the day is 3619-3747. Support for Turmeric is at 3649 below that could see a test of 3619. Resistance is now seen at 3713 above that could see a resistance of 3747. The total volume for the day was at 7660 lots and the open interest was at 37380.
In Nizamabad, a major spot market in AP, the price ended at 3478.7 rupees dropped by -10.7 rupees. Market has opened at 3674 & made a low of 3652 versus the day high of 3716.
Turmeric yesterday moved 0.66% on short covering at the lower levels amidst some pick up in demand but high production and stock levels prevented upside movement. The arrivals in the Nizamabad mandi stood steady at 4,500 bags. The arrivals in the Erode mandi stood steady at 8,000 bags.
Turmeric prices took smart recovery on previous losses during Wednesday’s trading session. From opening of the session futures prices started trading up on reports of fall in arrivals across the spot markets. Delay in sowing activity also supported the upside and futures prices ended the day on slightly positive note.
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.
With inputs from Kedia Commodities, Angel Commodities and Karvy Commtrade .
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