Turmeric ended up on fresh buying interest as prices were below spot rates; however they are expected to open down on Friday on rising arrivals and weak demand. Turmeric exports in January 2010 stood at 3,250 tonnes, down 22.61 percent from a year ago, the Spices Board said. In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 8,558.9 rupees, down over 21 rupees. Turmeric yesterday we have seen that market has moved 1.21%. Market has opened at 7987 & made a low of 7911 versus the day high of 8247. The total volume for the day was at 27980 lots and the open interest was at 28770. Support for turmeric is at 7938 below that could see a test of 7756.

Resistance is now seen at 8274 above that could see a resistance of 8428.

Trading Ideas:

Turmeric trading range is 7756-8428.

Turmeric ended up on fresh buying interest as prices were below spot rates

Resistance for turmeric is at 8172 and support is at 8060 level.

Yesterday we have seen that open interest at 28770 and volume at 27980 lots.

WAIT FOR FRESH ENTRY

In Nizamabad spot prices fell by over 21 rupees to 8,558.90 rupees.