Turmeric yesterday we have seen that market has moved -0.17% getting pressure from higher levels due to higher stocks and in anticipation of good crop. Overall low demand and good stocks as rains in growing areas in Andhra Pradesh and other nearby states have been pressurizing prices in apprehension of better crop prospects. Demand too failed to pick up significantly. Low trading activities are reported. Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan. That could support the falling prices to some extent. Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-June 2011 have risen by 45% to 21,775 MT in 2011 from 15,000 MT in 2010 same period. In Nizamabad, a major spot market in AP, the price ended at 6411.9 rupees dropped by -38.1 rupees. Market has opened at 5738 & made a low of 5730 versus the day high of 5934. The total volume for the day was at 6755 lots and the open interest was at 12610.Support for turmeric is at 5682 below that could see a test of 5604. Resistance is now seen at 5886 above that could see a resistance of 6012.

Trading Ideas:

Turmeric trading range is 5604-6012.

Turmeric moved down getting pressure from higher levels due to higher stocks and in anticipation of good crop

Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan

Turmeric exports for the period April-June 2011 have risen by 45% to 21,775 MT in 2011

In Nizamabad, a major spot market in AP, the price ended at 6411.9 rupees dropped by -38.1 rupees.