Commodity Trading Tips for Turmeric by KediaCommodity

Turmeric yesterday we have seen that market has moved -0.3% due to rising supplies from the fresh crop. Higher supplies are weighing on sentiment but prices are expected to recover from lower levels because demand is good in the home market. North Indian buyers are very active and demand is likely to continue in coming days.Turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10. Market has opened at 10132 & made a low of 10030 versus the day high of 10132. In Nizamabad, a major spot market in AP, the price ended at 11666.65 rupees gained by 156.65 rupees. Support for turmeric is at 10044 below that could see a test of 9986. Resistance is now seen at 10146 above that could see a resistance of 10190.

Trading Ideas:

Turmeric trading range is 9985-10189.

Turmeric closed lower due to rising supplies from the fresh crop

Turmeric is having resistance at 10220 and support at 10000 level.

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 11666.65 rupees gained by 156.65 rupees.

(Source: http://www.topnews.in/commodity-trading-tips-turmeric-kediacommodity-2317104)