Turmeric yesterday we have seen that market has moved -0.7% on subdued demand in the domestic market after a recent rally and estimates of higher output. Since Turmeric output in Andhra Pradesh (AP), the country's top producer, is seen 40% up in 2010/11 on expanded area as higher prices lured farmers to cultivate the spice and as monsoon was favorable. Turmeric arrivals in the benchmark Nizamabad mandi were at 500 bags and in Erode were around 4,000 bags. In Nizamabad, a major spot market in AP, the price ended at 16855 rupees gained by 55 rupees. Market has opened at 15098 & made a low of 14700 versus the day high of 15158. The total volume for the day was at 2540 lots and the open interest was at 5395.Support for turmeric is at 14629 below that could see a test of 14435. Resistance is now seen at 15087 above that could see a resistance of 15351.

Trading Ideas:

Turmeric trading range is 14446-15362.

Turmeric ended down on subdued demand in the domestic market

Turmeric is having resistance at 14940 and support at 12700 level.

NCDEX accredited warehouses turmeric stocks fell 184 tonnes to 3141 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 16855 rupees gained by 55 rupees.