Turmeric yesterday settled down by -2.73% at 5770 slipped due to lack of demand from overseas buyers, higher carry-forward stocks and prospects of a good monsoon. Higher stocks with farmers, especially in Erode, coupled with huge carryover stocks may pressurise prices. Turmeric arrivals in the Nizamabad mandi stood at 3,000 bags and arrivals in the Erode mandi were reported at 3,000 bags. Generally North Indian demand comes during this period but this year fewer north Indian demands were reported during this period. Producers were bringing limited stocks in the spot market due to fall in prices on a daily basis. Only limited stocks were buying to fulfill their already committed orders and also to the local masala firms. Exporters were expecting demand may increase in June month and support the prices. In Warangal region, turmeric farmers may shift Sugarcane and Maize crop in coming days due to higher rate. In Warangal region, turmeric sowing normally start from July month. Turmeric traders are eyeing the arrival of monsoon, as it's crucial for the sowing. The commodity would trade higher side in June second week onwards, on expected pick up in the demand against weak production last year. As per market sources, turmeric production in 2012-13 are expected around 50-60% lower compared to last year's historical high of 90 lakh bags. The delayed monsoon and lower prices last year, lead to farmers diverting to some other profitable crop and yield also dipped. Indian exports had gradually picked up from an average of 48000-50000 tons to over 65000-79500 tons in the last two years. India is biggest producer, consumer and exporter of turmeric in the world. Normal rain at Tamil Nadu and Andhra Pradesh has impacted turmeric prices. Quality concern over warehouse stocks also reflected prices. Now Turmeric is getting support at 5693 and below same could see a test of 5616 level, And resistance is now likely to be seen at 5879, a move above could see prices testing 5988.

TURMERIC

Turmeric trading range for the day is 5827-6027.

Turmeric slipped due to lack of demand from overseas buyers and prospects of a good monsoon.

Higher stocks with farmers, especially in Erode, coupled with huge carryover stocks may pressurise prices.

In Warangal region, turmeric farmers may shift Sugarcane and Maize crop in coming days due to higher rate.

In Nizamabad, a major spot market in AP, the price ended at 6002.4 rupees gained by 27.4 rupees.

SELL TURMERIC JULY @ 5900 SL 6000 TGT 5820-5720.NCDEX