Commodity Trading Tips for Turmeric by KediaCommodity

Turmeric yesterday we have seen that market has moved -1.16% owing to weak local and export demand at existing higher prices, amid adequate stockpositions. Further, fresh arrival of thestock in the coming week also laid a bearish sentiment among investors who booked outprofits. India's turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags in 2009/10. In Nizamabad, a major spot market in AP, the price ended at
12004.75 rupees dropped by -80.95 rupees. Market has opened at 10760 & made a low of 10630 versus the day high of 10830. The total volume for the day was at 4370 lots and the open interest was at 7550. Support for turmeric is at 10610 below that could see a test of 10520. Resistance is now seen at 10810 above that could see a resistance of 10920.

Trading Ideas:

Turmeric trading range is 10520-10920.

Turmeric ended weak owing to weak local and export demand at existing higher prices

Turmeric is having resistance at 10810 and support at 10610 level.

India's turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags in 2009/10.

In Nizamabad, a major spot market in AP, the price ended at 12004.75 rupees dropped by -80.95 rupees.

(Source: http://www.topnews.in/commodity-trading-tips-turmeric-kediacommodity-2317498)