Turmeric yesterday we have seen that market has moved -3.83% due to a
drop in overseas enquiries and a revival in rains that could help
improve yield, while spot demand also remained steady. The arrivals in
the Nizamabad mandi remain unchanged at 1,500 bags and arrivals in the
Erode mandi increased to 7,000 bags from 5,000 bags. Prospects of
pick-up in sowing in major producing areas amid heavy rainfall also
weighed on prices. As per Andhra Pradesh Agriculture Department,
Turmeric sowing in the state as of 05 Sep 2012 was down at 53838
hectares compared with 64427 hectares reported same period a year ago.
Turmeric production for the year 2011-12 is projected at historical
high of 90 lakh bags compared to 69 lakh bags in 2010-11. Erode is
expected to produce 55 lakh bags of turmeric a rise of 29% as compared
to previous year. Reports of stockists holding onto stocks supported
the rates at these levels however.  According to Spices Board of India,
exports of Turmeric in April 2012 increased by 1% at 7,300 tn as
compared to 7,230 tn in April 2011. In Nizamabad, a major spot market
in AP, the price ended at 5582.4 rupees dropped by -6.35 rupees. Market
has opened at 5814 & made a low of 5660 versus the day high of
5870. The total volume for the day was at 12780 lots and the open
interest was at 17730.Support for turmeric is at 5595 below that could
see a test of 5523. Resistance is now seen at 5805 above that could see
a resistance of 5943.

Trading Ideas:

Turmeric trading range for the day is 5523-5943.

Turmeric fell due to a drop in overseas enquiries and a revival in rains that could help improve yield

Prospects of pick-up in sowing in major producing areas amid heavy rainfall also weighed on prices.

NCDEX accredited warehouses turmeric stocks dropped by 1 tonnes to 10252 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5582.4 rupees dropped by -6.35 rupees.