Turmeric drops on ample supply

Turmeric yesterday we have seen that market has moved -0.86% on rising spot supplies and weak demand.
Arrivals from the new season crop have been rising continuously in the spot market after farmers expanded area, lured by higher prices. Selling pressure is high because of higher estimated output.
India’s turmeric exports in April-February fell 9 percent on year to 42,500 tonnes. In Nizamabad, a major spot market in AP, the price ended at 10230 rupees dropped by -133.35 rupees.
Market has opened at 9550 & made a low of 9456 versus the day high of 9600. The total volume for the day was at 2125 lots and the open interest was at 6945.
Support for turmeric is at 9437 below that could see a test of 9375. Resistance is now seen at 9581 above that could see a resistance of 9663.
Trading Ideas:
Turmeric trading range is 9373-9661.
Turmeric ended down on rising spot supplies and weak demand
Turmeric is having resistance at 9581 and support at 9437 level.
Arrivals from the new season crop have been rising continuously in the spot market after farmers expanded area
In Nizamabad, a major spot market in AP, the price ended at 10230 rupees dropped by -133.35 rupees.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Turmeric-drops-on-ample-supply-12328.html)