Turmeric yesterday we have seen that market has moved -0.75% because of sluggish demand, higher stocks and hopes of better crop due to favourable weather in top producing Andhra Pradesh state. Turmeric sowing in Andhra Pradesh, India's biggest producer of the yellow spice fell 7.25 percent on year as delayed and irregular rains affected sowing in the initial phase, state farm department data showed. As on Sept 7, farmers had cultivated turmeric on 64,000 hectares against 69,000 hectares a year ago in the same period, the data showed. Turmeric cultivation usually starts in the last week of May and continues till August. However, the seeded area has picked up from 54,000 hectares as on Aug 3 to 64,000 hectares so far because of good rains in the past few weeks. In Nizamabad, a major spot market in AP, the price ended at 5777.25 rupees dropped by -118.15 rupees. Market has opened at 5098 & made a low of 5012 versus the day high of 5098. The total volume for the day was at 2585 lots and the open interest was at 11760.Support for turmeric is at 5013 below that could see a test of 4969. Resistance is now seen at 5099 above that could see a resistance of 5141.

Trading Ideas:

Turmeric trading range is 4967-5139.

Turmeric ended weak because of sluggish demand, higher stocks and hopes of better crop

Turmeric sowing in AP fell 7.25% on year as delayed and irregular rains affected sowing in initial phase

NCDEX accredited warehouses turmeric stocks gained by 50 tonnes to 7826 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5777.25 rupees dropped by -118.15 rupees.