Turmeric yesterday settled down -0.17% at 4720 on subdued demand from local and overseas buyers against mounting stocks. The favourable weather conditions in major turmeric growing states like Andhra Pradesh and Karnataka will encourage the productivity of the turmeric crop in the current year also impacted the sentiments. The market sources mentioned that strong recovery in the futures prices in previous trading has encouraged the strong stockiest to liquidate their stocks in the physical mandies. The total carryover stocks of turmeric in major mandies were reported higher at 65 lakh bags up almost 11 lakh bags from the last year in the same period. The futures prices also dampened by favourable weather conditions in major turmeric growing states like Andhra Pradesh and Karnataka. This will encourage the productivity of the turmeric crop in the current year. 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. In the state of Andhra Pradesh, turmeric sowing had completed in nearly 0.53 lakh hectare as against the normal area of 0.68 lakh hectare. The total ending stocks of turmeric estimated at 70 lakh bags against 55 lakh bags of last year in the same period. In Nizamabad, a major spot market in AP, the price ended at 4834 rupees dropped -92 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -0.98% to settled at 16730 while prices down -8 rupee, now Turmeric is getting support at 4679 and below same could see a test of 4639 level, And resistance is now likely to be seen at 4757, a move above could see prices testing 4795.

Trading Ideas:

Turmeric trading range for the day is 4633-4789.

Turmeric ended with losses on subdued demand from local and overseas buyers against mounting stocks.

The total carryover stocks of turmeric in major mandies were reported higher at 65 lakh bags up almost 11 lakh bags.

The local mandies are currently having the sufficient carryover stocks of turmeric to meet entire demand.

In Nizamabad, a major spot market in AP, the price ended at 4834.35 rupees dropped -91.65 rupees.