Commodity Trading Tips for Turmeric by KediaCommodity

Turmeric yesterday we have seen that market has moved 1.4% on export enquires from Dubai and due to a pick-up in domestic buying.Domestic buying has improved due to demand from the northern part of the country. Supplies in the spot market are sufficient to meet the requirement. However, expect rising suppliesfrom the new season crop after farmers expanded area. Turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10. In Nizamabad, a major spot market in AP, the price ended at 11463.65 rupees gained by 13.65 rupees. Market has opened at 10138 & made a low of 10138 versus the day high of 10380. The total volume for the day was at 3555 lots and the open interest was at 6130.Support for turmeric is at 10151 below that could see a test of 10023. Resistance is now seen at 10393 above that could see a resistance of 10507.

Trading Ideas:

Turmeric trading range is 10019-10503.

Turmeric gained on export enquires from Dubai and due to a pick-up in domestic buying

Turmeric is having resistance at 10400 and support at 10150 level.

The arrivals in Erode in the state of Tamil Nadu stood steady at 8,000 bags

In Nizamabad, a major spot market in AP, the price ended at 11463.65 rupees gained by 13.65 rupees.

(Source: http://www.topnews.in/commodity-trading-tips-turmeric-kediacommodity-2314998)