Turmeric settled down -1.07% at 6280 on late profit after gaining due to possible decline in sowing acreage of new season along with weak stocks in local mandies. Further, limited stock position following fall in supplies from major producing areas also influenced the prices.  Spot turmeric prices increased due to expectation of fresh demand from North. Prices of the turmeric increased by Rs. 70-90 a quintal in the futures market and traders expecting good demand purchased good quantity of turmeric. Traders are expecting the price to increase by next week. 3,400 bags of turmeric arrived for sale and traders procured 60 per cent. Stockists also purchased some quantity. Meanwhile, some exporters are expecting new orders within a week. They also expect that farmers to bring quality turmeric from next week, when they may buy more quality turmeric. The market sources suggested that possible decline in monsoon rainfall in the current year will discourage the sowing of turmeric crop in states like Andhra Pradesh and Karnataka. 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. Turmeric farmers association also expressed concern regarding the next year crop due to the weak rainfall as well as poor irrigation arrangements. In Nizamabad, a major spot market in AP, the price ended at 5830.45 rupees gained 5.45 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 4.77% to settled at 11415 while prices down -48 rupee, now Turmeric is getting support at 6214 and below same could see a test of 6138 level, And resistance is now likely to be seen at 6388, a move above could see prices testing 6486.

Trading Ideas:

Turmeric trading range for the day is 6135-6483.

Turmeric dropped on late profit after gaining due to possible decline in sowing acreage of new season along with weak stocks.

Further, limited stock position following fall in supplies from major producing areas also influenced the prices.

Spot turmeric prices increased due to expectation of fresh demand from North.

In Nizamabad, a major spot market in AP, the price ended at 5830.45 rupees gained 5.45 rupees.