Technically Turmeric market is under short covering as market has witnessed drop in open interest by 14.76% to settled at 4535 while prices up 4 rupees.

Now NCDEX Turmeric is getting support at 7776 and below same could see a test of 7680 levels, and resistance is now likely to be seen at 7984, a move above could see prices testing 8096.

Turmeric yesterday settled up by 0.05% at 7872 following export demand from Europe, Gulf countries and Bangladesh. Turmeric crops were severely damaged in Parbhani and Hingole due to heavy rains.

India is on course to having a normal monsoon, which will recharge the country’s main water reservoirs just enough, and ensure that the most important crops for the kharif season have normal sowing. In Nizamabad, a major spot market in AP, the price ended at 7497.6 Rupees dropped 6.2 Rupees.

Trading Ideas:
–Turmeric trading range for the day is 7680-8096.
–Turmeric gained following export demand from Europe, Gulf countries and Bangladesh.
–India is likely to receive above average rainfall in September.
–India is on course to having a normal monsoon, which will recharge the country’s main water reservoirs just enough.
–In Nizamabad, a major spot market in AP, the price ended at 7497.6 Rupees dropped 6.2 Rupees.