Turmeric slumps on arrival pressure

Turmeric yesterday we have seen that market has moved -1.68% fell on arrival pressure and sluggish demand. India's turmeric output in 2011 is expected to be higher because of increased acreage.
Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78% to Rs 608.85 crores, During April-February 2010-11.
In Nizamabad, a major spot market in AP, the price ended at 9066.65 rupees dropped by -106.05 rupees.
Market has opened at 8864 & made a low of 8654 versus the day high of 8864. The total volume for the day was at 3605 lots and the open interest was at 14130.
Support for turmeric is at 8603 below that could see a test of 8523. Resistance is now seen at 8813 above that could see a resistance of 8943.
Trading Ideas:
Turmeric trading range is 8517-8937.
Turmeric ended weak on arrival pressure and sluggish demand
Turmeric is having resistance at 8813 and support at 8603 level.
Exports of turmeric was down around 9% to 42,500 tonnes with value of exports was up by 78%
In Nizamabad, a major spot market in AP, the price ended at 9066.65 rupees dropped by -106.05 rupees.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Turmeric-slumps-on-arrival-pressure-12765.html)