Turmeric settled up 3.98% at 6892 driven by rise in exports demand in the spot market. Moreover, restricted arrivals of quality turmeric and limited stocks position in the physical market also influenced the prices. Prices also got support as demand started rising even as the ongoing revival in Monsoon rains in the growing states of AP and TN supported the sowing activities in the States. Improved Monsoon rains in the Southern states had kept sentiments remaining weak for the commodity for quite sometime. With orders not flowing from North India, turmeric sales dropped sharply in Erode markets on Friday with 60 per cent of arrivals being unsold. Only 40 per cent of the stocks that arrived was sold. Prices were also decreased. There is no change in the hybrid root turmeric price. Prices were fluctuating dropping Rs. 100 a quintal. All traders are waiting for orders from North India. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,191-6,399 a quintal, the root variety Rs. 3,909-6,329. The finger turmeric was sold at Rs. 5,600-7,414; the root variety Rs. 5,469-6,599. Of the 864 bags that arrived, 239 were sold. Domestic and overseas buyers stayed away from bulk purchases due to poor quality arrivals. However, long -term outlook is seen bullish as delayed monsoon rainfall and poor price realization might keep turmeric acreage lower in the current year. Technically market is under fresh buying as market has witnessed gain in open interest by 33.8% to settled at 8570 while prices up 264 rupee, now Turmeric is getting support at 6731 and below same could see a test of 6569 level, And resistance is now likely to be seen at 6973, a move above could see prices testing 7053.

Trading Ideas:

Turmeric trading range for the day is 6569-7053.

Turmeric prices gained driven by rise in exports demand in the spot market.

Prices also got support as demand started rising even as the ongoing revival in Monsoon rains in the growing states of AP and TN supported the sowing activities

Moreover, restricted arrivals of quality turmeric and limited stocks position in the physical market also influenced prices.

In Nizamabad, a major spot market in AP, the price ended at 6114.2 rupees remains unchanged at0 rupees.