Turmeric yesterday we have seen that market has moved 0.46% as traders chose to cover short positions after the recent fall. Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag =70 kgs) compared to 48 lakh bags during the previous year. According to Spices Board of India exports of Turmeric from India during April 2010- February 2011 stood at 42,500 tonnes as compared to 46,575 tonnes in 2009-10, a decline of 9%. In Nizamabad, a major spot market in AP, the price ended at 8445.85 rupees gained by 11.1 rupees. Market has opened at 8202 & made a low of 8202 versus the day high of 8330. The total volume for the day was at 2285 lots and the open interest was at 8715. Support for turmeric is at 8191 below that could see a test of 8133. Resistance is now seen at 8319 above that could see a resistance of 8389.

Trading Ideas:

Turmeric trading range is 8133-8389.

Turmeric rose as traders chose to cover short positions after the recent fall

Turmeric is having resistance at 8319 and support at 8191 level.

NCDEX accredited warehouses turmeric stocks rose by 429 tonnes to 1354 tonnes.

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