Now NCDEX Turmeric is getting support at 5802 and below same could see a test of 5768 levels, and resistance is now likely to be seen at 5868, a move above could see prices testing 5900.
Turmeric yesterday settled up by 0.03% at 5834 on reports of a decrease in Turmeric sown area for the marketing year 2021 across Nizamabad and Marathwada regions.
The overall decrease in sowing area can be between 15-20% as timely monsoons and lower price realizations for Turmeric over the past few years have made the farmer shift to Cotton, Soybean.
While most of the trade is for immediate use due to uncertainty in the market, Stockiest have started active gradually due to factors like decreasing sowing area and increasing demand in the wake of COVID. As per market feedback, majority of the stock is with farmers across major cultivation centers.
Farmers have been holding back some good quality turmeric with them and the traders are expecting that the farmers will bring the same after September when second turmeric season begins.
Improved demand from overseas buyers is seen given the relaxation in lockdown restrictions has led to some pickup in demand from Bangladesh.
Demand from West Asian countries has also risen amid easing of lockdown restrictions. India exported 1.37 lakh tonnes Turmeric in 2019- 20 (April- March) a decrease of around 1.16% from the same period of last year.
–Turmeric trading range for the day is 5768-5900.
–Turmeric prices traded higher on reports of a decrease in Turmeric sown area across Nizamabad and Marathwada regions.
–The overall decrease in sowing area can be between 15-20% as timely monsoons and lower price realizations for Turmeric over the past few years
–In Nizamabad, a major spot market in AP, the price ended at 5636.95 Rupees dropped 13.05 Rupees.