Turmeric settles higher on rising export demand

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Turmeric yesterday we have seen that market has moved 0.37% on lower level buying amid anticipation of exports rising in the coming weeks.

With the recent fall in the demand, farmers are ready to sell at lower prices as they need money for repaying their loans taken from local money lenders. However, stockiest are still not going for bulk buying due to higher production estimates which is limiting the overall movement at sot market.

This year total turmeric production is estimated around 65 lakh bags against 46-48 lakh bags last year. In Nizamabad, a major spot market in AP, the price ended at 8445.85 rupees gained by 11.1 rupees. Market has opened at 8100 & made a low of 8040 versus the day high of 8232.

The total volume for the day was at 6570 lots and the open interest was at 8970.Support for turmeric is at 8016 below that could see a test of 7932. Resistance is now seen at 8208 above that could see a resistance of 8316.

Trading Ideas:

Turmeric trading range is 7932-8316.
Turmeric gained on lower level buying amid anticipation of exports rising in the coming weeks
Turmeric is having resistance at 8208 and support at 8016 level.
NCDEX accredited warehouses turmeric stocks rose by 20 tonnes to 885 tonnes. 
In Nizamabad, a major spot market in AP, the price ended at 8445.85 rupees gained by 11.1 rupees.

Courtesy: Kedia Commodities

Source: http://www.commodityonline.com/futures-trading/tradingtips/Turmeric-settles-higher-on-rising-export-demand-13056.html

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