Turmeric seen range-bound

COMMODITY SPIKES

Although sowing has started in some parts of Maharashtra, the actual pattern would emerge by the end of July. The near-month contract of turmeric opened weak last week and slipped thereafter, but remained in the range of Rs 3,900-4,050 a quintal. "The futures moved in a choppy range as the demand was low. However, fundamentals suggest firmness," said a Mumbai-based spices analyst.

 

Turmeric has a near-term resistance at Rs 4,058 a quintal. If it crosses this limit, there can be a further rise. On the National Commodity and Derivatives Exchange, the June turmeric contract ended at Rs 3,968 a quintal on Saturday against the previous week's close of Rs 4,074, down 2.6 per cent.

The first resistance is Rs 4,125 and the next level is Rs 4,213 a quintal. There is good support at Rs 3,897 and Rs 3,819 on the downside.