Turmeric yesterday we have seen that market has moved -0.56% on profit booking after prices gained on due to a pick-up in demand from north Indian states and some fresh export enquiries. Turmeric has been sown in 0.58 lakh hectares in Andhra Pradesh as on 10 October 2012, 30-35% lower over last year. Weak sowing is expected to support the prices in medium term.  Lack of demand from the Festive season on North India amidst higher stocks in the mandis have been pressurizing the prices. Turmeric production for the year 2011-12 is projected at historical high of 90 lakh bags compared to 69 lakh bags in 2010-11. Erode is expected to produce 55 lakh bags of Turmeric a rise of 29% as compared to previous year. According to Spices Board of India, exports of Turmeric in April 2012 increased by 1% at 7,300 tn as compared to 7,230 tn in April 2011. Turmeric has been sown in 0.58 lakh hectares in A.P as on 10/10/2012. Sowing is also reported 30-35% lower during the sowing period. Demand is very good from the north Indian buyers and exporters. In Nizamabad, a major spot market in AP, the price ended at 5134 rupees gained by 41.7 rupees. Market has opened at 5496 & made a low of 5324 versus the day high of 5496. The total volume for the day was at 14050 lots and the open interest was at 16315.Support for turmeric is at 5289 below that could see a test of 5221. Resistance is now seen at 5461 above that could see a resistance of 5565.

Trading Ideas:

Turmeric trading range for the day is 5221-5565.

Turmeric dropped on profit booking after prices gained on due to a pick-up in demand and some fresh export enquiries.

Turmeric has been sown in 0.58 lakh hectares in Andhra Pradesh 30-35% lower over last year.

NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 7650 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5134 rupees gained by 41.7 rupees.