Turmeric yesterday settled down -3.21% at 5008 as higher carry-forward stocks and good progress in sowing weighed on prices. Supplies in the domestic market have declined but demand from overseas buyers is good. But any sharp upside is unlikely because sowing is progressing well. As per market sources, timely rainfall in major turmeric producing states such as Maharashtra, Tamilnadu and Andhra Pradesh reported steady sowing progress of turmeric crop in the current years. The major areas of Erode have already completed 40% of their sowing, while Maharashtra has completed 45-50% of their sowing for the current years. Moreover, better crop condition due to availability of sufficient water in these states might also result to better productivity in the current year. Despite supplies being limited, turmeric prices fell due to sluggish demand and on reports of huge carry over stocks. The forecast of better sowing in Andhra Pradesh may pressurize turmeric prices. As per Andhra Pradesh Agriculture Department reports, acreage under turmeric in the state so far stood at 34963 hectares, 13.1 percent higher when compared to the last year. In Nizamabad, a major spot market in AP, the price ended at 5409 rupees dropped -66 rupees. technically market is under fresh selling as market has witnessed gain in open interest by 6.79% to settled at 18075 while prices down -166 rupee, now Turmeric is getting support at 4921 and below same could see a test of 4833 level, And resistance is now likely to be seen at 5167, a move above could see prices testing 5325.

Trading Ideas:

Turmeric trading range for the day is 4851-5343.

Turmeric yesterday settled down as higher carry-forward stocks and good progress in sowing weighed on prices.

Supplies in the domestic market have declined but demand from overseas buyers is good.

NCDEX accredited warehouses turmeric stocks gained by 238 tonnes to 8486 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5409.35 rupees remains unchanged at0 rupees.