Turmeric yesterday we have seen that market has moved -0.7% on account of subdued demand in the mandis. Further, fresh demand was not initiated in the mandis as traders waited for further correction in prices and the arrivals of the new crop. However, any sort of weather disturbance in the Southern states could however, affect the arrivals and support the prices at these low levels. The arrivals in Erode in the state of Tamil Nadu surged to 7,000 bags from 4,000 bags. Turmeric production in 2011 is estimated around 64 lakh bags against 45-48 lakh bags last year. In Nizamabad, a major spot market in AP, the price ended at 11894.45 rupees dropped by -552.6 rupees. Market has opened at 9310 & made a low of 9270 versus the day high of 9500. The total volume for the day was at 2640 lots and the open interest was at 7340.Support for turmeric is at 9235 below that could see a test of 9137. Resistance is now seen at 9465 above that could see a resistance of 9597.

Trading Ideas:

Turmeric trading range is 9139-9599.

Turmeric yesterday dropped on account of subdued demand in the mandis

Turmeric is having resistance at 9465 and support at 9235 level.

Turmeric production in 2011 is estimated around 64 lakh bags against 45-48 lakh bags last year.

In Nizamabad, a major spot market in AP, the price ended at 0 rupees dropped by 0 rupees.