Turmeric yesterday dipped as per expectation and closed with the negative node and settled -3.99% down at 10354 due to weakening export demand and expectations of higher supplies next year. Still trend is weak and we can see pressure continuous to prevail for next 2-3 days, turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10. In April-November 2010, India's turmeric exports were 33,000 tonnes, down 11 percent, In Nizamabad, a major spot market in AP, the price ended at 16769.45 rupees dropped by -25 rupees. In yesterday's trading session Turmeric has touched the low of 10354 after opening at 10750, and finally settled at 10354. For today's session market is looking to take support at 10222, a break below could see a test of 10090 and where as resistance is now likely to be seen at 10618, a move above could see prices testing 10882.

Trading Ideas:

Turmeric trading range is 10116-10908.

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

Turmeric output is likely to rise to 6.7mln bags of 70 kg each from 4.65mln bags produced in 2009/10.

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

SELL TMC JAN BELOW 10700 SL 10880 TGT 10580-10380-10250.NCDEX - STBT

In Nizamabad, a major spot market in AP, the price ended at 16769.45 rupees dropped by -25 rupees.