Turmeric settled up 1.61% at 6548 on weak sowing progress of new crop along with receding stocks in local mandies. The market sources suggested that the sowing of new crop is still a major concern in states like Andhra Pradesh and Tamilandu due to delayed monsoon rainfall and poor price realization by cultivators in the last marketing season. Similar trend is also seen in Maharashtra as not much sowing has been reported in Sangli and Nanded districts. The market data suggested that around 68 lakh bags of turmeric have been reported in local mandies against 75 bags the last year.  Spot turmeric prices in Erode markets decreased due to poor quality of arrivals. The price of the hybrid finger and other varieties decreased by Rs. 200 a quintal. Buyers quoted a lower price and purchased limited stocks. Of the 4,900 bags that arrived, 2,180 were sold. The Salem Hybrid Finger turmeric was down Rs. 270 and was sold at Rs. 7,431 a quintal. In Nizamabad sources reported arrivals at 1500 quintals, lower by 500 quintals from previous trading day. In Sangli arrivals were reported at 1500 quintals, up by 1000 quintals as compared to previous day. In Sangli growing regions, turmeric sowing almost completed and good monsoon shower from last ten days likely to increase sowing area in this regions. In Nizamabad, a major spot market in AP, the price ended at 6069.45 rupees dropped -28.05 rupees. Technically market is under short covering as market has witnessed drop in open interest by -4.5% to settled at 10820 while prices up 104 rupee, now Turmeric is getting support at 6443 and below same could see a test of 6337 level, And resistance is now likely to be seen at 6613, a move above could see prices testing 6677.

Trading Ideas:

Turmeric trading range for the day is 6337-6677.

Turmeric prices ended with gains on weak sowing progress of new crop along with receding stocks in local mandies.

In Sangli growing regions, turmeric sowing almost completed and good monsoon shower from last ten days likely to increase sowing area in this regions.

NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 950 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6069.45 rupees dropped -28.05 rupees.