Turmeric settled up 1.64% at 6692 due to rising export demand in the spot market amid delay in sowing due to late monsoon rains. Furthermore, restricted supplies from producing regions as well as limited stocks position in the physical market also influenced the prices. The late monsoon has pushed back turmeric sowing in the top cultivating areas, raising concerns about yields. 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. Sowing of Turmeric in AP for the 2014-15 season is reported at 0.075 lakh ha, as against 0.08 lakh ha last year and a normal sowing of 0.09 lakh ha. Spot turmeric prices in Erode markets despite a long weekend since demand was slack. Spot turmeric prices in Erode markets despite a long weekend since demand was slack. Yesterday 5,000 bags of turmeric arrived for sale, but only fifty per cent stocks was sold. Traders are waiting for fresh demand from North India. The sowing of new crop is still a major concern in states like Andhra Pradesh, Telangana and Tamilandu due to delayed monsoon rainfall and poor price realization by cultivators. Similar trend is also observing in Maharashtra as not much sowing has been reported in Sangli.  In Nizamabad, a major spot market in AP, the price ended at 6328.95 rupees gained 23.4 rupees. Technically market is under short covering as market has witnessed drop in open interest by -0.83% to settled at 15540 while prices up 108 rupee, now Turmeric is getting support at 6556 and below same could see a test of 6419 level, And resistance is now likely to be seen at 6790, a move above could see prices testing 6887.

Trading Ideas:

Turmeric trading range for the day is 6419-6887.

Turmeric prices ended with gains due to rising export demand in the spot market amid delay in sowing due to late monsoon rains.

The late monsoon has pushed back turmeric sowing in the top cultivating areas, raising concerns about yields.

Spot turmeric prices in Erode markets despite a long weekend since demand was slack.

In Nizamabad, a major spot market in AP, the price ended at 6328.95 rupees gained 23.4 rupees.