Turmeric ended with losses as higher carryforward stocks weighed on sentiment after prices rose as hopes of improved demand from North India and good export enquiries witnessed recovery. Festive demand is expected to support turmeric prices in the near term. Export demand is also good. Turmeric sowing is almost completed in the leading cultivating areas and the crop is in a good condition. As per market sources, timely rainfall in major turmeric producing states such as Maharashtra, Tamilnadu and Andhra Pradesh led to steady sowing progress of turmeric crop in the current season. In the state of Andhra Pradesh, turmeric sowing had completed in nearly 0.43 lakh hectare as on 07th of August. The futures prices were also pressurized by comfortable stocks in local mandies. Traders estimated the total stocks of around 60-62 lakh bags in the major mandies. This will easily meet up the local demand of turmeric in the next 5-6 months. 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 5141 rupees dropped -18 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -3.45% to settled at 16085 while prices down -34 rupee, now Turmeric is getting support at 5059 and below same could see a test of 5017 level, And resistance is now likely to be seen at 5165, a move above could see prices testing 5229.

Trading Ideas:

Turmeric trading range for the day is 5019-5231.

Turmeric ended with losses as higher carryforward stocks weighed on sentiment

Festive demand is expected to support turmeric prices in the near term and export demand is also good.

Turmeric sowing is almost completed in the leading cultivating areas and the crop is in a good condition.

In Nizamabad, a major spot market in AP, the price ended at 5141.3 rupees dropped -17.8 rupees.