Turmeric yesterday settled up 4% at 6184 due to buying support on expectations of rise in domestic demand. Overall good rainfall activity in growing states of AP, Karnataka and Tamil Nadu prevented upside movement. Turmeric cultivation usually starts in June and continues until August. A lengthy harvesting process begins in 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. Stockiest are having stocks of turmeric, which is expected to fetch marriage season demand. However, prices may recover during mid June, as selling is expected to ease while all eyes are on how good monsoon, water availability and sowing of the commodity. Sowing of the commodity is influenced monsoon and prices prevailed in the previous year. 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. In Nizamabad, a major spot market in AP, the price ended at 5749 rupees gained 34 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 18.09% to settled at 21085 while prices up 238 rupee, now Turmeric is getting support at 6025 and below same could see a test of 5867 level, And resistance is now likely to be seen at 6263, a move above could see prices testing 6343.

Trading Ideas:

Turmeric trading range for the day is 5867-6343.

Turmeric prices ended with gains due to buying support on expectations of rise in domestic demand.

Overall good rainfall activity in growing states of AP, Karnataka and Tamil Nadu prevented upside movement.

NCDEX accredited warehouses turmeric stocks gained by 60 tonnes to 5329 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5749 rupees gained 34 rupees.