Turmeric yesterday settled down -1.85% at 5730 triggered by anticipation of higher sowing in the major belts on strong rainfall. Fear of crop damages to due to heavy rainfall limited the losses some extent. Turmeric arrivals in Nizamabad mandi were at 2,000 bags and arrivals in Erode mandi stood at 1800 bags. The Turmeric sowing in the Andhra Pradesh so far covered at around 0.30 lakh hectares, against 0.25 lakh hectare same period last year. All India turmeric farmers association had requested Tamil Nadu Government to procure turmeric at MSP of Rs 10,000 per quintal. Turmeric cultivation usually starts in June and continues until August, and a lengthy harvesting process begins from January. Demand for the commodity is quite good as major portion is consumed by local players and annual export may be come near 80,000 tonnes. Turmeric crop during the last year was estimated lower by 50-60% from the previous years record 90 lakh bags. Turmeric exports were up by 1% at 80,050 tonnes and value was down 26% to Rs 53,985.40 Lakh. The total turmeric acreage in Andhra Pradesh reported higher at 25937 hectares as against 22688 hectares year-on-year basis, according to the data released by the State Department of Agriculture. In Nizamabad, a major spot market in AP, the price ended at 5648 rupees dropped -33 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -11.47% to settled at 17835 while prices down -108 rupee, now Turmeric is getting support at 5647 and below same could see a test of 5563 level, And resistance is now likely to be seen at 5843, a move above could see prices testing
5955.

Trading Ideas:

Turmeric trading range for the day is 5567-5959.

Turmeric dropped triggered by anticipation of higher sowing in the major belts on strong rainfall.

Fear of crop damages to due to heavy rainfall limited the losses some extent.

NCDEX accredited warehouses turmeric stocks gained by 50 tonnes to 8159 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5647.8 rupees dropped -32.65 rupees.