Turmeric settled down -0.69% at 6602 as the damage to crops from recent showers in growing belts of Southern India was negligible. However, weak domestic demand following the arrival of low- and medium-quality turmeric in the market restricted the further gains in the commodity prices. Due to rain in growing areas, farmers brought only 3,800 bags of turmeric and the stockists procured 20 per cent and traders 30 per cent quoting marginally higher prices. Only limited upcountry demands were received by traders and they are keen in buying the quality stocks. Traders said that they may receive good demand from North India after the election process is completed. The sources added that the total availability of turmeric have been reported at 50-55 lakh bags in major mandies, down almost 20-35 Lakh bags from the last year. April -June is the normal procurement season of all the processing companies as arrivals reach to their peak during mid April-May month. During April-December 2013, India exported a total quantity of 58,000 tonnes of turmeric valued Rs. 463.79 crore, up 17% in volume and 45% in value terms over same period last year. A good monsoon is very crucial for sowing of the turmeric crop. The India Meteorological Department (IMD) said that the country may get below normal monsoon this year. According to the IMD, there is a 60% possibility of El Nino during monsoon. In Nizamabad, a major spot market in AP, the price ended at 6188 rupees dropped -314.15 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 6.56% to settled at 13085, now Turmeric is getting support at 6503 and below same could see a test of 6437 level, And resistance is now likely to be seen at 6701, a move above could see prices testing 6833.

Trading Ideas:

Turmeric trading range for the day is 6447-6843.

Turmeric settled down as the damage to crops from recent showers in growing belts of Southern India was negligible.

However, weak domestic demand following the arrival of low- and medium-quality turmeric in the market restricted the further gains.

Due to rain in growing areas, farmers brought only 3,800 bags of turmeric and the stockists procured 20 per cent.

In Nizamabad, a major spot market in AP, the price ended at 6188 rupees dropped -314.15 rupees.