Turmeric yesterday we have seen that November contract closed in red on estimates of higher production and a drop in the domestic demand while the December contract closed 1% higher. The latest updates from the Andhra Pradesh agriculture department 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. In Nizamabad, a major spot market in AP, the price ended at 14733.3 rupees dropped by -73.25 rupees. Market has opened at 11890 & made a low of 11890 versus the day high of 12120. The total volume for the day was at 1170 lots and the open interest was at 2745.Support for turmeric is at 11933 below that could see a test of 11797. Resistance is now seen at 12163 above that could see a resistance of 12257.

Trading Ideas:

Turmeric trading range is 11797-12257.

Turmeric yesterday November contract closed in red on estimates of higher production

Turmeric is having resistance at 12200 and support at 11920 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 14733.3 rupees dropped by -73.25 rupees.