Turmeric yesterday we have seen that market has moved -0.62% on estimates of higher production and weak exports. Export enquires are very poor. Stockists are also not interested in buying because of fear of further fall in prices. The output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10. In Nizamabad, a major spot market in AP, the price ended at 8445.85 rupees gained by 11.1 rupees. Market has opened at 8050 & made a low of 7880 versus the day high of 8150. The total volume for the day was at 7510 lots and the open interest was at 9160. Support for turmeric is at 7851 below that could see a test of 7731. Resistance is now seen at 8121 above that could see a resistance of 8271.

Trading Ideas:

Turmeric trading range is 7731-8271.

Turmeric dropped on estimates of higher production and weak exports

Turmeric is having resistance at 8121 and support at 7851 level.

Arrival of new crop in coming weeks could have some bearish impact on the market sentiments.

In Nizamabad, a major spot market in AP, the price ended at 8445.85 rupees gained by 11.1 rupees.