Turmeric yesterday we have seen that market has moved 0.35% supported by a pick-up in domestic and export demand, while restricted supplies also added to the rise. The latest updates shows that, the area under turmeric as on
20th October 2010 stands higher at 0.65 lakh hectare against 0.59 lakh hectare same period last year and against the normal area of 0.64 lakh hectare. The arrivals in the Nizamabad mandi is in the range of 500 bags to 1,000 bags while arrivals in the Erode mandi is in the range of 10,000 bags to 8,000 bags. In Nizamabad, a major spot market in AP, the price ended at 14922.2 rupees gained by 128.45 rupees. Market has opened at 12150 & made a low of
12120 versus the day high of 12198. The total volume for the day was at 235 lots and the open interest was at 2980. Support for turmeric is at 12121 below that could see a test of 12081. Resistance is now seen at 12199 above that could see a resistance of 12237.

Trading Ideas:

Turmeric trading range is 12081-12237.

Turmeric ended firm supported by a pick-up in demand

Turmeric is having resistance at 18300 and support at 12000 level.

The arrivals in the Nizamabad mandi is in the range of 500 bags to 1,000 bags

In Nizamabad, a major spot market in AP, the price ended at 14922.2 rupees gained by 128.45 rupees.