Turmeric yesterday we have seen that market has moved -4% owing to downfall in spot prices. 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. Turmeric exports increased by 48% to 29,250 tons while revenues were up by 23% to `3,222.6mn in the first quarter of FY2011. 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 slumped to 8,000 bags from 12,000 bags. In Nizamabad, a major spot market in AP, the price ended at 5895.45 rupees dropped by -208.85 rupees. Market has opened at 5380 & made a low of 5138 versus the day high of 5430. The total volume for the day was at 8145 lots and the open interest was at 12615. Support for turmeric is at 5041 below that could see a test of 4943. Resistance is now seen at 5333 above that could see a resistance of 5527.

Trading Ideas:

Turmeric trading range is 4943-5527.

Turmeric yesterday moved -4% owing to downfall in spot prices

Turmeric exports increased by 48% to 29,250 tons while revenues were up by 23% to `3,222.6mn

Turmeric arrivals in Nizamabad mandi stood at 1,000 bags and arrivals in Erode mandi slumped to 8,000 bags

In Nizamabad, a major spot market in AP, the price ended at 5895.45 rupees dropped by -208.85 rupees.