Turmeric rises on short covering

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Turmeric yesterday we have seen that market has moved 3.29% on short-covering driven by marginal export demand.
Export enquiries are there and are expected to increase if prices come down further, or become stable. Turmeric output is likely to rise to 6.7 million bags of 70 kg each from 4.65 million bags produced in 2009/10.
Turmeric arrivals in Nizamabad mandi surged to 8000 bags from 6,000 bags and arrivals in Erode stood at 8,000 bags. In Nizamabad, a major spot market in AP, the price ended at 11463.65 rupees gained by 13.65 rupees.
Market has opened at 9810 & made a low of 9810 versus the day high of 10122. The total volume for the day was at 4145 lots and the open interest was at 6040.
Support for turmeric is at 9867 below that could see a test of 9683. Resistance is now seen at 10179 above that could see a resistance of 10307.
Trading Ideas:
Turmeric trading range is 9683-10307.
Turmeric ended higher on short-covering driven by marginal export demand
Turmeric is having resistance at 10179 and support at 9920 level.
Turmeric arrivals in Nizamabad mandi surged to 8000 bags and arrivals in Erode stood 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.commodityonline.com/futures-trading/tradingtips/Turmeric-rises-on-short-covering-11733.html)

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