Turmeric yesterday we have seen that market has moved 3.41% on bargain-buying after the yellow spice lost more than 20 percent since early May. The arrivals of turmeric at Erode in the state of Tamil Nadu stood at 10,000 bags. According to the latest release from Andhra Pradesh Agriculture Department, turmeric sowing increased by 21.05% to 0.23 lakh hectares as on 13th July 2011 against 0.19 lakh hectares same date last year. The total carryover stocks of turmeric in the current year are likely to be projected at 13-15 lakh bags (1 bag = 60 kgs) against 4-5 lakh bags that were reported last year. This was mainly due to strong production in the previous year. In Nizamabad, a major spot market in AP, the price ended at 7225 rupees dropped by -88.05 rupees. Market has opened at 7178 & made a low of 7150 versus the day high of 7420. The total volume for the day was at 7230 lots and the open interest was at 8050.Support for turmeric is at 7220 below that could see a test of 7050. Resistance is now seen at 7490 above that could see a resistance of 7590.

Trading Ideas:

Turmeric trading range is 7050-7590.

Turmeric moved 3.41% on bargain-buying after yellow spice lost more than 20 percent since early May

Turmeric sowing increased by 21.05% to 0.23 lakh hectares as on 13th July

The arrivals of turmeric at Erode in the state of Tamil Nadu stood at 10,000 bags

In Nizamabad, a major spot market in AP, the price ended at 7225 rupees dropped by -88.05 rupees.