Turmeric on NCDEX settled up by 0.7% at 8002  due to good demand despite sowing progressing well in South India. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week. Good sowing progress in Karnataka and Tamilnadu may pressurize prices in coming weeks. 

At Salem market arrivals were reported at 1 quintals, steady as against previous day’s arrival. At Duggirala market total arrivals are at 2 quintals, lower by 914 quintals as against previous day. About 3,000 bags of turmeric were sold at Erode markets. Nearly 4,500 bags of the spice arrived for sale and 70 % of the stocks were sold. But the price decreased in the futures and this has made no impact on spot prices. Only 300 bags of local hybrid variety turmeric arrived for sale and all the bags were sold. 

In Nizamabad, a major spot market in AP, the price ended at 8369.4 rupees remains unchanged at0 rupees.Technically now Turmeric is getting support at 7944 and below same could see a test of 7888 level, And resistance is now likely to be seen at 8046, a move above could see prices testing 8092.  

                              Turmeric

1. Turmeric trading range for the day is 7888-8092. 

2. Turmeric prices gained due to good demand despite sowing progressing well in South India. 

3.  Farmers are  holding good quality stocks hoping prices to go up in the coming months. 

4.  NCDEX accredited warehouses turmeric stocks dropped by 30 tonnes to 5622 tonnes.