Turmeric yesterday we have seen that market has moved 0.43% due to depleting supplies in spot markets and an improvement in demand from exporters. Turmeric output is estimated to be lower this year because of reduced plantation area in leading cultivating states. There are expectations that present rates are low and possibilities of pick up in demand is there in the coming days. As per market , traders have not witnessed any bargain buying at current levels due to availability of cheap quality of turmeric in local mandies. Traders mentioned that strong supplies of cheap quality of turmeric from Assam to the major trading states such as Tamilnadu and Andhra Pradesh prompted the weak demand of average and better quality of turmeric. They mentioned that the Assam quality of turmeric is available in the range of Rs 3600-3900 per quintal in all the mandies against the average quality of Rs 4500-Rs 5500 per quintal at Nizamabad mandi. India's area under turmeric fell by around 20% in 2012-13. Domestic production is expected to be around 45-50 lakh bags, out of which 37 lakh bags may be considered as carry forward stock, according to the source.. There are expectations of improvement in overseas demand ahead of Ramadan. In Nizamabad, a major spot market in AP, the price ended at 6068.75 rupees gained by 52.75 rupees. Market has opened at 6016 & made a low of 5948 versus the day high of 6200. The total volume for the day was at 19895 lots and the open interest was at 23705.Support for turmeric is at 5913 below that could see a test of 5805. Resistance is now seen at 6165 above that could see a resistance of 6309.

Trading Ideas:

Turmeric trading range for the day is 5805-6309.

Turmeric jumped on depleting supplies in spot markets and an improvement in demand from exporters.

The delayed monsoon and lower prices last year, lead to farmers diverting to some other profitable crop and yield also dipped.

NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 3051 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6068.75 rupees gained by 52.75 rupees.