Turmeric yesterday we have seen that market has moved 1.58% on poor supplies in the spot market, but rising area under cultivation limited the upside.

Supplies are limited now and the new arrivals would come only in Jan/Feb. Area under turmeric in southern states of Andhra Pradesh and Karnataka has risen 21.5 percent and 19 percent respectively in 2010/11 as the spice gave higher returns last year.

In Nizamabad, a major spot market in AP, the price ended at 13426.65 rupees dropped by -43.95 rupees.

Market has opened at 11636 & made a low of 11636 versus the day high of 11854. The total volume for the day was at 1815 lots and the open interest was at 2695.Support for turmeric is at 11679 below that could see a test of 11549.

Resistance is now seen at 11897 above that could see a resistance of 11985.

Trading Ideas:

Turmeric trading range is 11549-11985.
Turmeric ended positive on poor supplies in the spot market
Turmeric looks to have resistance at 11900 and support is at 11680.
NCDEX accredited warehouses turmeric stocks rose 10 tonnes to 4627 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 13426.65 rupees dropped by -43.95 rupees.

Courtesy: Kedia Commodities

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