Turmeric settled up 0.91% at 5982 as support seen after IMD has forecasted below normal rainfall this year with 33% of rainfall deficiency in Jun-Sep period. Furthermore, good demand from local and overseas buyers, as well as limited stocks position in the physical market also influenced the spice prices. Turmeric sales and prices dropped due to poor quality of arrivals and slack upcountry orders. For want of quality, root turmeric prices slid below Rs. 6,000 a quintal. Only 1,100 bags were sold against the arrival of 2,500 . Such low sale is due to the non-receipt of fresh upcountry demand and also inferior quality of the turmeric. The local traders have received only one or two orders from North India, so they procured little stock. Stockists purchased 500 and odd bags. The price of the turmeric did not improve and it was sold at Rs. 6,000-6,200. Because of the arrival of fine variety hybrid finger turmeric, traders quoted price of Rs.500 more for a quintal and purchased the same for Rs. 7,047. All the 80 bags were sold. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,158-6,367; the root variety Rs. 4,010-6,007 a quintal. In Nizamabad arrivals were reported at 5000 quintals, unchanged as compared to previous day’s arrival. In Nizamabad, a major spot market in AP, the price ended at 5721.7 rupees gained 13 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 16.22% to settled at 13760 while prices up 54 rupee, now Turmeric is getting support at 5894 and below same could see a test of 5804 level, And resistance is now likely to be seen at 6072, a move above could see prices testing 6160.

Trading Ideas:

Turmeric trading range for the day is 5803-6159.

Turmeric gains as support seen after IMD has forecasted below normal rainfall this year with 33% of rainfall deficiency in Jun-Sep period

Furthermore, good demand from local and overseas buyers, as well as limited stocks position in the physical market also influenced prices.

Turmeric sales and prices dropped due to poor quality of arrivals and slack upcountry orders.

In Nizamabad, a major spot market in AP, the price ended at 5721.7 rupees gained 13 rupees.