Turmeric yesterday we have seen that market has moved 0.12% due to lower stocks but rising arrivals from the new crop and sluggish export demand limited the gains. Overseas demand has been slack as exporters expect further fall in prices in the coming days due to increasing supplies.

Turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10. Turmeric arrivals in Nizamabad mandi is around 5000 bags and arrivals in Erode surged to 6,000 bags from 4,000 bags. In Nizamabad, a major spot market in AP, the price ended at 13790.9 rupees dropped by -716.25 rupees.

Market has opened at 9710 & made a low of 9710 versus the day high of 9866. The total volume for the day was at 1065 lots and the open interest was at 6350. Support for turmeric is at 9751 below that could see a test of 9653. Resistance is now seen at 9907 above that could see a resistance of 9965.

Trading Ideas: Turmeric trading range is 9650-9962. Turmeric ended positive due to lower stocks but rising arrivals from the new crop. Turmeric is having resistance at 9902 and support at 9746 level. Turmeric output is likely to rise to 6.7 million bags from 4.65 million bags produced in 2009/10. In Nizamabad, a major spot market in AP, the price ended at 13790.9 rupees dropped by -716.25 rupees.