Turmeric on NCDEX settled down by -1.07% at 6626 on anticipation of better supplies of new turmeric crops from the producing belts. Though, some losses were capped on good up country demand at the spot market. In Sangli (Maharashtra), new Turmeric crop coming to the market with small quantity around 450 bags (1 bag = 70kgs), for new crop price quoted in a range of Rs.6800 - Rs.8000/qtl depends on quality and variety. Turmeric crop reported well in Maharashtra state expected better production compared to last year. As per trade information, from Karnataka Belgaum district new Turmeric will come to the market from February first week.In Nizamabad major growing regions Turmeric standing crop also reported well. At Nizamabad market arrivals were reported at 8000 quintals, higher by 4500 quintals as compared to previous day. At Warangal market arrivals were reported at 150 bags, up by 50 bags from previous day’s arrivals. Despite lower arrivals, spot turmeric prices at Erode markets decreased due to the lack of upcountry demand. Around 3,700 bags arrived for sale including 200 bags of new turmeric. 65 per cent stocks were sold. At the Erode Turmeric Merchants Association, the finger variety went for Rs. 5,356-8,488 a quintal and the root variety at Rs. 5,214-7,915. Of the arrival of 2,257 bags, 1,210 were sold. In Nizamabad, a major spot market in AP, the price ended at 7372.2 Rupees dropped -25.15 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 1.59% to settled at 13760 while prices down -72 rupees, now Turmeric is getting support at 6568 and below same could see a test of 6510 level, And resistance is now likely to be seen at 6698, a move above could see prices testing 6770.

Trading Ideas:

Turmeric trading range for the day is 6510-6770.

Turmeric prices ended with losses on anticipation of better supplies of new turmeric crops from the producing belts.

As per production estimate, Turmeric production reported higher by around 7.5% during current year.

At Nizamabad market arrivals were reported at 8000 quintals, higher by 4500 quintals as compared to previous day.

In Nizamabad, a major spot market in AP, the price ended at 7372.2 Rupees dropped -25.15 Rupees.