Turmeric yesterday we have seen that market has moved 0.76% as prices found some support at the lower levels as low trading activities kept pressure on the market sentiments. Absence of demand, better crop prospects kept trend weak for the commodity. 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. Good Monsoon reports in Andhra Pradesh has reportedly keeping the sowing activities proper. The present 2010-11 crop is expected higher at 65-70 lakh bags vs 48 lakh bags the earlier year. Good stocks and increased selling pressure along with weak demand in the mandis have kept trend weak for the commodity over the last few weeks. The sowing period is from June-August and harvesting begins in January. Turmeric arrivals in the benchmark Nizamabad mandi stood steady at 1,000 bags and the arrivals in the Erode mandi in the state of Tamil Nadu increased to 9,000 bags from 6,000 bags. In Nizamabad, a major spot market in AP, the price ended at 6300 rupees gained by 42.1 rupees. Market has opened at 5780 & made a low of 5750 versus the day high of 5854. The total volume for the day was at 3745 lots and the open interest was at 12780.Support for turmeric is at 5749 below that could see a test of 5697. Resistance is now seen at 5853 above that could see a resistance of 5905.

Trading Ideas:

Turmeric trading range is 5697-5905.

Turmeric moved 0.76% as prices found some support at lower levels

Overall low demand and good stocks as rains in growing areas in Andhra Pradesh pressurizing prices

NCDEX accredited warehouses turmeric stocks gained by 70 tonnes to 7726 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6300 rupees gained by 42.1 rupees.