Turmeric yesterday we have seen that market has moved 0.92% on diminishing stocks amid a rise in domestic demand and export enquiries. Poor stocks are likely to support prices at lower levels until the fresh crop comes. In October 2010, India's turmeric exports were 3,500 tonnes as compared to 3,975 tonnes a year ago, according to the Spices Board data. In Nizamabad, a major spot market in AP, the price ended at 16994.75 rupees gained by 5.85 rupees. Market has opened at 15600 & made a low of 15306 versus the day high of 15916. The total volume for the day was at 4605 lots and the open interest was at 5800.Support for turmeric is at 15452 below that could see a test of 15074. Resistance is now seen at 16062 above that could see a resistance of 16294.

Trading Ideas:

Turmeric trading range is 15056-16276.

Turmeric ended higher on diminishing stocks amid a rise in domestic demand

Turmeric is having resistance at 15920 and support at 15700 level.

NCDEX accredited warehouses soyabean stocks fell 124 tonnes to 3520 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 16994.75 rupees gained by 5.85 rupees.