Turmeric yesterday we have seen that market has moved -1.13% due to rising supplies from the fresh crop, Production of the spice is estimated to be higher this year. Marginal export enquiries and local demand, however, restricted the losses. Rising supplies from the fresh crop is likely to weigh on prices at higher levels However prospects of improved export and domestic demand in coming weeks are providing some support to the prices of the commodity. In Nizamabad, a major spot market in AP, the price ended at 11666.65 rupees gained by 156.65 rupees. Market has opened at 10080 & made a low of 9952 versus the day high of 10198. The total volume for the day was at 3245 lots and the open interest was at 6425. Support for turmeric is at 9909 below that could see a test of 9807. Resistance is now seen at 10155 above that could see a resistance of 10299.

Trading Ideas:

Turmeric trading range is 9805-10297.

Turmeric ended weak due to rising supplies from the fresh crop

Turmeric is having resistance at 10110 and support at 9900 level.

India's turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags in 2009/10

In Nizamabad, a major spot market in AP, the price ended at 11666.65 rupees gained by 156.65 rupees.