Turmeric yesterday settled up 0.79% at 5362 on buying from traders at lower level against restricted arrivals of commodity in spot market. Further, fresh positions were created driven by a rise in domestic as well as export demand in the spot market also influenced the prices. Demand from North India supported the sentiments to recover as festive season demand is likely to support the markets sentiments. Moreover, export queries too have reportedly been there. Turmeric sowing is almost complete in the leading cultivating areas and the crop is in good condition. At the spot market, Turmeric prices continued to rule flat in Erode markets on Tuesday as orders from North India are yet to come. Arrivals are on the rise on hopes of new orders coming, while stockists have begun to build inventories. At the spot markets, the fresh upcountry orders are delayed. Usually during this time fresh orders come in for Erode traders. Some traders in North India placed orders with Warangal and Nizamabad as prices there are cheaper than Erode. As per market sources, timely rainfall in major turmeric producing states such as Maharashtra, Tamilnadu and Andhra Pradesh led to steady sowing progress of turmeric crop in the current season. The futures prices were also pressurized by comfortable stocks in local mandies. Traders estimated the total stocks of around 60-62 lakh bags in the major mandies. This will easily meet up the local demand of turmeric in the next 5-6 months. In Nizamabad, a major spot market in AP, the price ended at 5175 rupees gained 105 rupees. Now Turmeric is getting support at 5291 and below same could see a test of 5221 level, And resistance is now likely to be seen at 5421, a move above could see prices testing 5481.

Trading Ideas:

Turmeric trading range for the day is 5223-5483.

Turmeric ended with gains on buying from traders at lower level against restricted arrivals in spot market.

Demand from North India supported the sentiments to recover as festive season demand is likely to support the markets sentiments.

NCDEX accredited warehouses turmeric stocks dropped by 1 tonnes to 8545 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5175 rupees gained 104.55 rupees.