Turmeric yesterday we have seen that market has moved 1.15% on continued short covering and some export and domestic demand which supported the prices of Turmeric. As traders are receiving good orders from north Indian buyers, which is likely to support the upside in prices. According to the latest updates from the spices Board of India, During April-December 2010, Turmeric exports dipped by 13% to 35,500 tonnes while value surged 77% to 50,947.05 Lakhs. Arrivals started in the Nizamabad and Erode markets. Arrivals are yet to start at Warangal, Salem, Cuddapah and Duggrila spot markets. The arrivals in Erode in the state of Tamil Nadu stood steady at 8,000 bags. In Nizamabad, a major spot market in AP, the price ended at 11463.65 rupees gained by 13.65 rupees. Market has opened at 10000 & made a low of 9980 versus the day high of 10244. The total volume for the day was at 4115 lots and the open interest was at 6125.Support for turmeric is at 10019 below that could see a test of 9867. Resistance is now seen at 10283 above that could see a resistance of 10395.

Trading Ideas:

Turmeric trading range is 9856-10384.

Turmeric extended gains on continued short covering and some export and domestic demand

Turmeric is having resistance at 10280 and support at 10020 level.

The arrivals in Erode in the state of Tamil Nadu stood steady at 8,000 bags.

In Nizamabad, a major spot market in AP, the price ended at 11463.65 rupees gained by 13.65 rupees.