Turmeric settled up 2.19% at 6526 amid rising export demand in the spot market. Further, concerns on fall in acreage during the new season because of poor weather conditions as well as poor irrigation arrangements too supported the prices. However upside seen limited as the monsoon revived in key producing southern states. The farmers brought only 2,600 bags of turmeric for sale. Of this, 1,290 bags were sold, mostly procured by stockists.

The traders are waiting for upcountry orders so they are quoting prices very cautiously, buying very limited stocks to cater their committed masala firm orders. However, the prices of hybrid finger turmeric were raised by Rs. 200 a quintal. In Sangli arrivals were reported at 2000 quintals, steady as against previous day's arrival. In Erode Total arrivals are at 5000 quintals, up by 2000 quintals from previous day's arrivals. Arrivals remain steady in spot market in Nizamabad and supplies are expected to increase in coming days. Sowing of Turmeric in AP for the 2013-14 season is reported at 0.53 lakh ha, as against 0.68 lakh ha last year and a normal sowing of 0.68 lakh ha. Production in 2013-14 is reported around 40 lakh bags, down by 10-15%.

Exports between Apr-Dec 2013 stood at 58,000 tn, higher than 49,526 tn in Apr-Dec 2012. The market projected that the total production of turmeric in the current year is estimated at 52 lakh bags against 70 lakh bags that were estimated in the last year. Technically market is under fresh buying as market has witnessed gain in open interest by 12.2% to settled at 13660, now Turmeric is getting support at 6409 and below same could see a test of 6293 level, And resistance is now likely to be seen at 6615, a move above could see prices testing 6705.

Trading Ideas:

Turmeric trading range for the day is 6293-6705.

Turmeric prices ended with gains amid rising export demand in the spot market.

Further, concerns on fall in acreage during the new season because of poor weather conditions as well as poor irrigation arrangements too supported.

NCDEX accredited warehouses turmeric stocks gained by 5 tonnes to 615 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6004.75 rupees remains unchanged at0 rupees.