Turmeric yesterday settled down -3.52% at 5540 due to sluggish demand from local buyers amid higher carry-forward stocks and on good progress in sowing. Sowing operations are weighing on sentiment. Sowing is progressing very well due to ample rains in leading cultivating regions. The pace of sowing has helped and yields are expected to benefit from recent rains. Turmeric cultivation usually starts in June and continues until August. A lengthy harvesting process begins in January. The concerns over the availability of water in Tamil Nadu for turmeric crop are likely to push up turmeric prices in the long term. The total turmeric acreage in Andhra Pradesh reported higher at 25937 hectares as against 22688 hectares year-on-year basis, according to the data released by the State Department of Agriculture. All India turmeric farmers association had requested Tamil Nadu Government to procure turmeric at MSP of Rs 10,000 per quintal. The association added, being a seasonal crop, the sowing of the spice is expected to be lower in major producing belts in the current year due to water scarcity in Andhra and Karnataka etc. Turmeric cultivation usually starts in June and continues until August, and a lengthy harvesting process begins from January. Demand for the commodity is quite good as major portion is consumed by local players and annual export may be come near 80,000 tonnes. In Nizamabad, a major spot market in AP, the price ended at 5639 rupees dropped -9 rupees. Now Turmeric is getting support at 5462 and below same could see a test of 5384 level, And resistance is now likely to be seen at 5686, a move above could see prices testing 5832.

Trading Ideas:

Turmeric trading range for the day is 5394-5842.

Turmeric dropped due to sluggish demand from local buyers amid higher carry-forward stocks and on good progress in sowing.

Sowing is progressing very well due to ample rains in leading cultivating regions.

The pace of sowing has helped and yields are expected to benefit from recent rains.

In Nizamabad, a major spot market in AP, the price ended at 5638.5 rupees dropped -9.3 rupees.