Turmeric ended up on strong demand and as investors pounced on the near-term contract, which had slipped below spot rates.

Turmeric exports in January 2010 stood at 3,250 tonnes, down 22.61 percent from a year ago, according to data from the Spices Board.

In Nizamabad, a major spot market in Andhra Pradesh, the price ended at 8,584.2 rupees. Turmeric yesterday we have seen that market has moved 4.01%. Market has opened at 8599 & made a low of 8477 versus the day high of 8775.

The total volume for the day was at 13520 lots and the open interest was at 27850.

Support for turmeric is at 8576 below that could see a test of 8378. Resistance is now seen at 8874 above that could see a resistance of 8974.

Trading Ideas:

Turmeric trading range is 8378-8974.

Turmeric ended up on strong demand which had slipped below spot rates

Resistance for turmeric is at 8490 and support is at 8370 level.

Yesterday we have seen that open interest at 29070 and volume at 26390 lots.

BUY TMC APR ABV 8820 SL 8760 TGT 8856-8890-8945.NCDEX

In Nizamabad spot prices gained by over 25 rupees to 8,584.20 rupees.

BUY TMC APR ABV 8820 SL 8760 TGT 8856-8890-8945.NCDEX

Courtesy: Kedia Commodities

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