Turmeric yesterday we have seen that market has moved -0.47% as a pick-up in sowing, increased supplies in spot and higher carry forward stocks weighed. Sowing of turmeric in Andhra Pradesh, the country's biggest producer of the yellow spice, has picked up following rains in the past weeks, state farm department data showed. As on Aug 3, farmers had cultivated turmeric on 54,000 hectares against 58,000 hectares a year ago, which is nearly 7 percent less, the data showed. Sowing has almost come to an end now. Area under the spice picked up significantly after some good showers in the cultivating regions. Turmeric arrivals in the benchmark Nizamabad mandi stood steady at 3,000 bags and the arrivals at Erode in the state of Tamil Nadu were at 9,000 bags against 10,000 bags. In Nizamabad, a major spot market in AP, the price ended at 6719.05 rupees dropped by -214.3 rupees. Market has opened at 6318 & made a low of 6110 versus the day high of 6430. The total volume for the day was at 5665 lots and the open interest was at 6050.Support for turmeric is at 6134 below that could see a test of 5962. Resistance is now seen at 6454 above that could see a resistance of 6602.
Turmeric trading range is 5962-6602.
Turmeric moved -0.47% as pick-up in sowing and increased supplies in spot market weighed
Turmeric arrivals at Erode in the state of Tamil Nadu were at 9,000 bags against 10,000 bags.
NCDEX accredited warehouses turmeric stocks gained 510 tonnes to 5828 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 6719.05 rupees dropped by -214.3 rupees.
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