Turmeric on NCDEX settled up 1.34% at 6944 supported by surging domestic as well as exports demand in the spot market. Though, some gains were capped on reports of higher output and scattered commencement of crop supplies in the producing centers. 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. As per production estimate, Turmeric production reported higher by around 7.5% during current year. Last year Turmeric area reported down due to lower rainfall at the time of sowing period. At Nizamabad market arrivals were reported at 1400 quintals, lower by 100 quintals from previous trading day. At Warangal market total arrivals are at 100 bags, unchanged as compared to previous day’s arrival. The price of the spot turmeric increased slightly. Around 2000 bags of turmeric arrived for sale and 70 per cent stock was sold. Of the arrived 1,423 bags only 803 bags were sold. Technically market is under fresh buying as market has witnessed gain in open interest by 2.47% to settled at 13280 while prices up 92 rupee, now Turmeric is getting support at 6874 and below same could see a test of 6804 level, And resistance is now likely to be seen at 6982, a move above could see prices testing 7020.

Trading Ideas:

Turmeric trading range for the day is 6804-7020.

Turmeric prices gained supported by surging domestic as well as exports demand in the spot market.

Though, some gains were capped on reports of higher output and scattered commencement of crop supplies in the producing centers.

In Sangli (Maharashtra), new Turmeric crop coming to the market with small quantity around 450 bags.

In Nizamabad, a major spot market in AP, the price ended at 7325 rupees remains unchanged at0 rupees.