Turmeric yesterday traded with the negative node and settled -1.81% down at 4230 as traders booked profits, taking advantage of the recent jump in prices, while mounting inventories also weighed on sentiment. Turmeric acreage in India, the world's biggest producer and exporter of the yellow spice, is likely to fall 30 percent this season, reducing exports in 2013/14 even though total overseas sales are still expected to be above average. A slow start to the June-September monsoon rains could delay turmeric sowing, pushing up prices. It is planted between June and August and takes about nine months to harvest. Turmeric production for the year 2011-12 is projected at historical high of 90 lakh bags compared to 69 lakh bags in 2010-11. Erode is expected to produce 55 lakh bags of turmeric a rise of 29% as compared to previous year. According to Spices Board of India, exports of Turmeric during April 2011- December 2011 stood at 62,000 tonnes as compared to 37,400 tonnes in 2010-11, rise of 66%. Targets set by the Spices Board have already been met till October 2011. Exports have touched new historical levels in 2011-12. The arrivals in the Nizamabad mandi decreased to 4,000 bags from 5,000 bags over previous close. The arrivals in the Erode mandi slumped to 5,000 bags from 7,000 bags. In Nizamabad, a major spot market in AP, the price ended at 3689.1 rupees gained by 73.6 rupees. In yesterday's trading session Turmeric has touched the low of 4190 after opening at 4320, and finally settled at 4230. For today's session market is looking to take support at 4173, a break below could see a test of 4117 and where as resistance is now likely to be seen at 4303, a move above could see prices testing 4377.
Turmeric trading range for the day is 4114-4374.
Turmeric snapped a rising streak as traders booked profits as mounting inventories weighed
Turmeric acreage in India is likely to fall 30 percent this season
India's crucial monsoon rains were 18% below average in the week to June 27
In Nizamabad, a major spot market in AP, the price ended at 3689.1 rupees gained by 73.6 rupees.