Commodity Outlook for Turmeric by Kedia CommodityTurmeric yesterday we have seen that market has moved -0.27% on increased arrivals as the market fretted about a further correction in prices on estimates of higher production in 2010/11 and slack export demand. Turmeric output in Andhra Pradesh, the country's top producer, is seen 40 percent up in 2010/11 on expanded area as higher prices lured farmers and on favourable monsoon rains. In Nizamabad, a major spot market in AP, the price ended at 14524.7 rupees dropped by -66.45 rupees. Market has opened at 12574 & made a low of 12420 versus the day high of 12616. The total volume for the day was at 1365 lots and the open interest was at 8710. Support for turmeric is at 12423 below that could see a test of 12323. Resistance is now seen at 12619 above that could see a resistance of 12715.

Trading Ideas:

Turmeric trading range is 12323-12715.

Turmeric ended weak yesterday on increased arrivals

Turmeric is having resistance at 12619 and support at 12423 level.

Spread between Turmeric NOV & DEC contracts yesterday traded in the range of -1470 to -1316.

In Nizamabad, a major spot market in AP, the price ended at 14524.7 rupees dropped by -66.45 rupees.