Turmeric on NCDEX settled down by -1.98% at 6918 on profit booking after prices gained in last some session on anticipation of up country demand and buyers showed interest in buying all the arrived new turmeric. 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. On the export front, country exported about 65,848 tonnes of turmeric during April-Oct period, up by 27% to 51,910 tonnes compared last year, as per government data. At Salem market, arrivals were reported at 1 quintals, steady as against previous day’s arrival. At Erode market, arrivals were reported at 4000 quintals, up by 2000 quintals from previous day’s arrivals. At Warangal market Total arrivals are at 100 bags, unchanged as compared to previous day’s arrival. The buyers showed interest in buying all the arrived new turmeric. At the Erode Turmeric Merchants Association sales yard the finger turmeric sold at Rs. 5,466 to Rs. 8,541 a quintal, root variety sold at Rs. 5,356 to Rs. 7,900 a quintal. At the Regulated Marketing Committee the finger turmeric sold at Rs. 7,109 to Rs. 8,117 a quintal, root variety sold at Rs. 6,909 to Rs. 7,799 a quintal. In Nizamabad, a major spot market in AP, the price ended at 7423.7 rupees dropped -10.5 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -0.04% to settled at 14185, now Turmeric is getting support at 6860 and below same could see a test of 6800 level, And resistance is now likely to be seen at 7038, a move above could see prices testing 7156.

Trading Ideas:

# Turmeric trading range for the day is 6800-7156.

# Turmeric prices ended with losses on profit booking after prices gained in last some session on anticipation of up country demand.

# Turmeric crop reported well in Maharashtra state expected better production compared to last year.

# At Erode market, arrivals were reported at 4000 quintals, up by 2000 quintals from previous day’s arrivals.

# In Nizamabad, a major spot market in AP, the price ended at 7423.7 rupeess dropped -10.5 rupeess.