Turmeric yesterday settled down -0.33% at 6048 as mounting stocks while good progress of sowing due to sufficient rainfall weighed on prices. Spot supplies have declined as the season has drawn to a close and farmers are busy with planting. Local and export demand is there but favourable weather conditions and sowing operations are weighing on the sentiment. With good rainfall reports in the growing areas preventing rates from moving up a lot. Expectations of rise in domestic demand are there once skies clear in North India. Overall good rainfall activity in growing states of AP, Karnataka and Tamil Nadu could prevent strong upside movement. All India turmeric farmers association had requested Tamil Nadu Government to procure turmeric at MSP of Rs 10,000 per quintal. The association added, being a seasonal crop, the sowing of the spice is expected to be lower in major producing belts in the current year due to water scarcity in Andhra and Karnataka etc. 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. Spot supplies have declined as the season has drawn to a close and farmers are busy in the planting season. Turmeric cultivation usually starts in June and continues until August. A lengthy harvesting process then begins in January. Now Turmeric is getting support at 6011 and below same could see a test of 5975 level, And resistance is now likely to be seen at 6103, a move above could see prices testing 6159.

Trading Ideas:

Turmeric trading range for the day is 5975-6159.

Turmeric dropped as mounting stocks while good progress of sowing due to sufficient rainfall weighed on prices.

Spot supplies have declined as the season has drawn to a close and farmers are busy with planting.

NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 5071 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5818 rupees gained 46 rupees.