Turmeric yesterday traded with the negative node and settled -0.41% down at 10780 marginally lower due to a decline in demand from local buyers and exporters after the recent rally, while estimates of higher production also weighed. Some export queries from mid-east Asian countries have been noted. Moderate domestic demand too has been there with lower stocks supported the prices. Overall better crop prospects this year however are expected to cool down rates to some extent. Buying has come down in the spot because prices have risen significantly in the last few days. In April-November 2010, India's turmeric exports were 33,000 tonnes, down 11 percent. In Nizamabad, a key market in Andhra Pradesh, turmeric fell 78 rupees to end at 16,794 rupees. For today's session market is looking to take support at 10706, a break below could see a test of 10633 and where as resistance is now likely to be seen at 10876, a move above could see prices testing 10973.

Trading Ideas:

Turmeric trading range is 10635-10975.

Turmeric dipped due to a decline in demand from local buyers and exporters after the recent rally

Moderate domestic demand too has been there with lower stocks supported the prices

In April-Nov 2010, India's turmeric exports were 33k tonnes, down 11 percent.

SELL TMC JAN BELOW 10700 SL 10880 TGT 10580-10380.NCDEX

In Nizamabad, a major spot market in AP, the price ended at 16794.45 rupees dropped by -77.75 rupees.