Turmeric settled down by -0.91% at 7648 amidst weak exports as well as domestic demand. At Erode market estimated market supply was at 7000 quintals, steady as against previous day's arrival. At Nizamabad market total arrivals are at 250 quintals, lower by 150 quintals as against previous day. As per the market sources, the total production of turmeric in the current year is expected to be around 35-37 lakh bags against 52 lakh bags of the last year. This is mainly due to weak production forecast in major producing states such as Andhra Pradesh and Tamilnadu. Sources mentioned that weak rainfall so far in the major growing regions of turmeric in the state such as Nizamabad and Warangal will reduce the crop to 17-18 lakh bags from 22 lakh bags projected in the last year. While the total crop size of turmeric in Karnataka is estimated lower at 5 lakh bags from 7 lakhs bags in 2013-14 due to weak rainfall so far in the current year and poor price realization from turmeric crop. Spot turmeric prices increased in Erode markets as the quality of arrivals improved. Hybrid and local turmeric prices increased with quality. In Nizamabad, a major spot market in AP, the price ended at 6430 rupees gained 17.5 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 1.54% to settled at 17465 while prices down -
70 rupee, now Turmeric is getting support at 7570 and below same could see a test of 7494 level, And resistance is now likely to be seen at 7754, a move above could see prices testing 7862.

Trading Ideas:

Turmeric trading range for the day is 7494-7862.

Turmeric prices ended with losses amidst weak exports as well as domestic demand.

The total production of turmeric in the current year is expected to be around 35-37 lakh bags against 52 lakh bags of the last year.

At Nizamabad market total arrivals are at 250 quintals, lower by 150 quintals as against previous day.

In Nizamabad, a major spot market in AP, the price ended at 6430 rupees gained 17.5 rupees.