Turmeric yesterday we have seen that market has moved -0.7% on profit on weekend amid expectations of higher output after prices rose in some days helped by dwindling stocks and limited supplies. Turmeric output in Andhra Pradesh, the country's top producer, is seen 40 percent up in 2010/11 on expanded area as higher prices lured farmers to cultivate the spice and as monsoon was favourable. The fresh crop is expected to hit the market by mid-January. In Nizamabad, a major spot market in AP, the price ended at 16685 rupees dropped by -141.2 rupees. Market has opened at 10038 & made a low of
9862 versus the day high of 10190. The total volume for the day was at 2965 lots and the open interest was at 4025. Support for turmeric is at 9791 below that could see a test of 9663. Resistance is now seen at 10119 above that could see a resistance of 10319.

Trading Ideas:

Turmeric trading range is 9663-10319.

Turmeric ended down on profit on weekend amid expectations of higher output

Turmeric is having resistance at 10000 and support at 9840 level.

NCDEX accredited warehouses turmeric stocks fell 10 tonnes to 2792 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 16685 rupees dropped by -141.2 rupees.