Turmeric rise on higher export demand.

Turmeric moved up by 1% on NCDEX in the opening session due to export demand from mid-east Asian countries. It also got a boost from low carry forward stocks providing the uptrend momentum for the commodity.

Demand from exporters may increase ahead of the Ramadan festival in September India’s Apr-May turmeric export 10,350 mt, up by 8% fromsame period last year. However, low stocks available in the market are seen providing some support to prices in near term India Apr-Jun turmeric export 14,600 tn, down 11% from same period previous year.

Spot price of turmeric in the Nizamabad dropped to Rs.15115 from 15235 on Wednesday.

In the medium to long term (August onwards) prices are likely to take cues from stocks of turmeric in India.

One can long Turmeric at 14300 with a stop loss of 14200 and target of 146000 according to Commodity Online research.

Turmeric opened at 14440 making an intraday low of 14408 during trading session and high of 14606. Total volume for the day is around 2585 lots and open interest is around 8410.

14 days RSI for turmeric is at 45 and it is increasing continuously since last 2 trading days due to lower level buying pressure. Resistance for Turmeric can be seen at 15000 and support level is at 13500.

Source : commodityonline.com