Turmeric yesterday we have seen that market has moved 3.43% on rising demand from North India. Firm export demand along with lower sowing due to delayed monsoon also supported the futures to trade higher. This year sowing of Turmeric likely to remain lower as farmers had faced severe losses in recent time in Turmeric. Turmeric has been sown in 0.10 lakh hectares in A. P as on 04th July 2012. 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. Reports that the farmers may shift to other lucrative crops have also supported prices at lower levels. Turmeric has been sown in 0.10 lakh hectares in A. P as on 04th July 2012. The slow progress of the rains could push back sowing, hurting yield and output. Turmeric is planted between June and August and takes about nine months to harvest. 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. In Nizamabad, a major spot market in AP, the price ended at
4155.85 rupees gained by 203.5 rupees. Market has opened at 4758 & made a low of 4660 versus the day high of 4852. The total volume for the day was at 45945 lots and the open interest was at 24680. Support for turmeric is at 4705 below that could see a test of 4587. Resistance is now seen at 4897 above that could see a resistance of 4971.

Trading Ideas:

Turmeric trading range for the day is 4587-4971.

Turmeric ended with gains on rising demand from North India.

Firm export demand along with lower sowing due to delayed monsoon also supported the prices to trade higher.

NCDEX accredited warehouses turmeric stocks gained by 110 tonnes to 9534 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 4155.85 rupees gained by 203.5 rupees.