Turmeric settled down -1.07% at 5928 as monsoon rains spread to interior South India, improving prospects of planting for the crop.  Arrivals remain steady in spot market in Nizamabad and supplies are expected to increase in coming days. Sixty per cent of the turmeric that arrived for sale got sold. Some 2,000 bags of turmeric were sold against the arrival of 3,300 bags. The increase was due to heavy buying by stockists. Traders have procured little quantity as they have yet to receive fresh demand from North India. Still, only medium and poor quality turmeric is coming in for sale, making traders reluctant to stock it. They are only purchasing for local supply. Similarly, turmeric futures decreased by 40 a quintal on Friday, so traders expecting it come down kept away. At the Erode Turmeric Merchants Association sales yard, the finger turmeric fetched Rs. 4,200-6,207, the root variety Rs. 3,700-5,849 . The sources added that the total availability of turmeric have been reported at 50-55 lakh bags in major mandis, down almost 20-35 Lakh bags from the last year. 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. In Nizamabad, a major spot market in AP, the price ended at 5708.7 rupees dropped -24.25 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 17.96% to settled at 11855, now Turmeric is getting support at 5852 and below same could see a test of 5790 level, And resistance is now likely to be seen at 5978, a move above could see prices testing 6042.

Trading Ideas:

Turmeric trading range for the day is 5795-6047.

Turmeric dropped as monsoon rains spread to interior South India, improving prospects of planting for the crop.

Arrivals remain steady in spot market in Nizamabad and supplies are expected to increase in coming days.

NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 480 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5708.7 rupees dropped -24.25 rupees.