Turmeric on NCDEX settled up 0.72% at 7032 amid strong demand in the spot market. Besides, limited arrivals from major growing regions also added support to turmeric prices’ uptrend. Tamil Nadu, turmeric growing regions still no rainfall reported only coastal regions received higher rainfall currently. Turmeric farmers were waiting for rainfall as standing crop requires 2-3 times rainfall till 15 Dec for better yield otherwise yield might get affected.
Trading Ideas:
* Turmeric trading range for the day is 6898-7118.
* Turmeric prices edged higher amid strong demand in the spot market.
* Current year Turmeric area was reported lower in Tamil Nadu by around 40-45% due to lower rainfall in sowing period.
* NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 1001 tonnes.
* In Nizamabad, a major spot market in AP, the price ended at 7357.8 Rupees gained 22.1 Rupees.
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