Turmeric yesterday we have seen that market has moved -0.11% as reports of rains in growing areas in Andhra Pradesh kept sentiments down. Low demand amidst reports of higher production also pressurized the prices of the commodity. The present 2010-11 crop is expected higher at 65-70 lakh bags vs 48 lakh bags the earlier year. According to the latest release from Andhra Pradesh Agriculture Department, turmeric sowing increased by 21.05% to 0.23 lakh hectares as on 13th July 2011 against 0.19 lakh hectares same date last year. The total carryover stocks of turmeric in the current year are likely to be projected at 13-15 lakh bags (1 bag = 60 kgs) against 4-5 lakh bags that were reported last year. This was mainly due to strong production in the previous year. In Nizamabad, a major spot market in AP, the price ended at 7309.1 rupees gained by 84.1 rupees. Market has opened at 7490 & made a low of 7314 versus the day high of 7494. The total volume for the day was at 5345 lots and the open interest was at 7455.Support for turmeric is at 7301 below that could see a test of 7217. Resistance is now seen at 7481 above that could see a resistance of 7577.

Trading Ideas:

Turmeric trading range is 7215-7575.

Turmeric moved -0.11% as reports of rains in growing areas in Andhra Pradesh kept sentiments down

The total carryover stocks of turmeric in the current year are likely to be projected at 13-15 lakh bags

Turmeric is having resistance at 7481 and support at 7301 level.

In Nizamabad, a major spot market in AP, the price ended at 7309.1 rupees gained by 84.1 rupees.