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Turmeric To Remain Firm

Published 05/22/2012, 11:00 AM
Updated 05/14/2017, 06:45 AM
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Turmeric trading range for the day is 3991-4183. Kedia Commodities research indicates support for turmeric is at 4039, below that we could see a test of 3991. Resistance is seen at 4135 above that could see a resistance of 4183. The market has opened at 4060 and made a low of 4040 versus the day high of 4136. The total volume for the day was at 15420 lots and the open interest was at 28780.

Turmeric yesterday moved 0.79% as export demand picked up, while supplies were tight in anticipation of further rise in prices. 

Turmeric prices on the intra-day are expected to remain firm owing to improved buying by market participants. Reports of procurement by the government are likely to support prices reported by Angel Commodities.

Turmeric futures prices witnessed a positive trend on extended short covering during Monday’s trading session. From the opening of the session, futures prices started trading on reports of lower arrivals. Reports of good buying interest prevailing among traders supported the prices and futures prices ended the day on higher note.

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