Turmeric Futures May Witness Selling Pressure

Chennai: Turmeric futures are likely to see selling pressure following a decline in spot prices. There are chances of turmeric contracts decling below Rs 2,000 a quintal. Turmeric has been trading below the crucial level of Rs 2,112 since last week. The firm, which pegs the trend reversal at Rs 2,137, witnesses supports at Rs 2,025 and Rs 2,000, while resistances are likely at Rs 2,077 and Rs 2,091. Volumes chart suggest that the momentum favours selling. The first support for the August contract will be Rs 2,141 and if that is broken, then the prices could be supported in the Rs 2,128-Rs 2,069 range. On July 18, August contract was quoted at Rs 2,158 on NCDEX and Rs 2,187 on MCX. In the spot market at Hyderabad, turmeric is quoted between Rs 2,100 and Rs 2,200 a quintal.