Turmeric May Trade 8264-8608 Range, Support At 8360

Turmeric on NCDEX settled flat as prices recovered from lows on account of good physical demand and expectation of higher export demand from the country as quality arrivals have improved in April. Turmeric arrivals have been higher in Feb and March compared to last year as per data. New season crop has hit the markets and continue to peak in current month but majority of arrivals are of medium quality. 

As per dept of commerce data, turmeric exports until Jan 2016 pegged at 69,864 tonnes while the export for the 2014-15 is 90,738 tonnes compared to 77,430 tonnes in FY14. As on latest sowing data, turmeric sowing in AP, Telangana is lower than the normal sowing. Spot turmeric prices are decreasing daily due to negligible upcountry demand. In the last 10 days, the finger turmeric was down by Rs. 1,000 a quintal and the root variety by Rs. 450-500. 

Such drastic fall in price is due to the poor buying by North Indian traders. Around 10,500 bags arrived for sale, including 7,500 bags of new turmeric. Turmeric prices have turned bullish on reports of a shortfall in production in the key growing areas of Andhra Pradesh and Maharashtra. Arrivals in Tamil Nadu, a major producer of the spice which is increasingly sought after for its nutraceutical properties, have been normal.

In Nizamabad, a major spot market in AP, the price ended at 8707.5 rupees gained 27.95 rupees. Technically now Turmeric is getting support at 8360 and below same could see a test of 8264 level, and resistance is now likely to be seen at 8532, a move above could see prices testing 8608.
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