Turmeric yesterday traded with the positive node and settled 0.31% up at 10276 as subdued export demand due to higher prices for Indian produce and expectations of increased supplies next year outweighed a likely delay in fresh arrivals. Wet weather condition in the growing places had disrupted the harvesting process where arrivals usually start from January onwards. Production in 2011 is expected around 65-70 lakh bags compared with 45 lakh bags in the last year. And according trade sources it estimated production is estimated near 58-60 lakh bags. 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 April-November 2010, India's turmeric exports were 33,000 tonnes, down 11 percent. Total turmeric stocks as of Dec. 20, have shrunk by nearly half of what they were a year ago, and the carry-forward stock is expected to be a meager 200,000 bags. For today's session market is looking to take support at 10194, a break below could see a test of 10113 and where as resistance is now likely to be seen at 10372, a move above could see prices testing 10469.

Trading Ideas:

Turmeric trading range is 10113-10469.

Turmeric traded in the range with a positive node due to delay in arriva & expectation of export demand.

Turmeric output is likely to rise to 6.7mln bags of 70 kg each from 4.65mln bags produced in 2009/10.

Wet weather condition in the growing places had disrupted the harvesting process.

TMC SOME BOUNCE CAN BE SEEN TILL 10560 CAN BE SEEN WAIT AND TRADE

In Nizamabad, a major spot market in AP, the price ended at 16769 rupees dropped by -25 rupees.