Turmeric settled up by 3.99% at 8018 due to rising domestic demand ahead of festival season. Further, limited arrivals from major producing regions too pushed up turmeric prices. However, excess rains during the vegetative and harvesting may adversely affect the production and quality. As on 12 Aug 2015, turmeric sowing In AP, is recorded at 8,657 hectares, which is below normal area of 9,910 hectares as on date while in Telangana, 78 per cent sowing is completed at 38,809 hectares, still below normal sowing. At Duggirala market estimated market supply was at 431 quintals, higher by 167 quintals from previous trading day. At Salem market total arrivals are at 1 quintals, unchanged as compared to previous day's arrival. At Sangli market arrivals were reported at 1200 quintals, higher by 400 quintals as compared to previous day. At Nizamabad market arrivals were reported at 1100 quintals, higher by 300 quintals as compared to previous day. Spot prices of the finger variety turmeric increased at Erode markets due to demand. Some traders of Erode have received fresh upcountry demand and procured 2,500 bags of medium variety turmeric for a higher price. Around 6,000 bags arrived for sale and 3,100 were sold. The finger turmeric was up Rs. 200 a quintal, while the root variety lost Rs. 100-150. In Nizamabad, a major spot market in AP, the price ended at 7534 rupees gained 75.7 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 5.93% to settled at 26190 while prices up 308 rupee, now Turmeric is getting support at 7806 and below same could see a test of 7596 level, And resistance is now likely to be seen at
8122, a move above could see prices testing 8228.

Trading Ideas:

Turmeric trading range for the day is 7596-8228.

Turmeric prices gained higher due to rising domestic demand ahead of festival season.

However, excess rains during the vegetative and harvesting may adversely affect the production and quality.

As on now, turmeric sowing In AP, is recorded at 8,657 hectares, which is below normal area of 9,910 hectares.

In Nizamabad, a major spot market in AP, the price ended at 7534 rupees gained 75.7 rupees.