Turmeric yesterday we have seen that market has moved -3.97% due to ample supply amid expectations on higher crop. Weakness persisted for Turmeric as new crop arrivals and low demand pressurized the market sentiments for the commodity. Traders expect further fall in rates for the commodity till demand picks up. Higher production prospects and better stocks could however keep pressure on prices as markets trade with high volatility. The total production this year is expected to touch 75-85 lakh bags higher than the 65-70 lakh bags in 2010-11. Higher acreage from the high rates is stated the reason for the rise in expected production. Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January. Turmeric output in Andhra Pradesh, the country's top producer of the spice, is likely to rise 36 percent on year to 83,000 tonnes in 2012 due to an expansion in acreage. In Nizamabad, a major spot market in AP, the price ended at 3507.9 rupees dropped by -117.6 rupees. Market has opened at 3818 & made a low of 3678 versus the day high of 3828. The total volume for the day was at 12215 lots and the open interest was at 20840. Support for turmeric is at 3628 below that could see a test of
3578. Resistance is now seen at 3778 above that could see a resistance of 3878.

Trading Ideas:

Turmeric trading range for the day is 3578-3878.

Turmeric ended lower due to ample supply amid expectations on higher crop

Weakness persisted for Turmeric as new crop arrivals and low demand pressurized the market sentiments.

NCDEX accredited warehouses turmeric stocks gained by 224 tonnes to 3895 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 3507.9 rupees dropped by -117.6 rupees.