Turmeric yesterday we have seen that market has moved 0.33% as diminishing stocks and lower supplies in the spot market prompted buying.

Arrivals from the new crop have started at some places in small quantities and are expected to improve gradually. Turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10. In Nizamabad, a major spot market in AP, the price ended at 15263.15 rupees dropped by -99.35 rupees. Market has opened at 10228 & made a low of 10130 versus the day high of 10318. The total volume for the day was at 3260 lots and the open interest was at 6730. Support for turmeric is at 10125 below that could see a test of 10033. Resistance is now seen at 10313 above that could see a resistance of 10409.

Trading Ideas:

Turmeric trading range is 10035-10411.

Turmeric ended firm as diminishing stocks and lower supplies in the spot market prompted buying.

Turmeric is having resistance at 10315 and support at 10125 level.

Domestic demand is average while export demand is also expected to pick-up at lower.

TMC SUSTAINING ABV 10200 HAS SUPPORT TO TEST 10380 LEVEL.

In Nizamabad, a major spot market in AP, the price ended at 15236.85 rupees dropped by -125.65 rupees.