Turmeric on NCDEX settled down -1.15% at 6698 on expectation of better supplies of new turmeric crops from the producing belts. However, some losses were capped on anticipation of rising upcountry 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. 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. Spot turmeric prices increased at Erode markets as quality turmeric arrived for sale. Also some traders received a few upcountry demand and they purchased good number of turmeric bags for a higher price. The arrival of new turmeric remains low at 100 bags. Around 3,700 bags arrived for sale and 65 per cent stocks were sold. At the Erode Turmeric Merchants Association, the finger variety traded at Rs. 5,534-8,855 a quintal; the root variety Rs. 5,509-8,008. Technically market is under fresh selling as market has witnessed gain in open interest by 4.68% to settled at 13545 while prices down -78 rupees, now Turmeric is getting support at 6641 and below same could see a test of 6585 level, And resistance is now likely to be seen at 6773, a move above could see prices testing 6849.

Trading Ideas:

Turmeric trading range for the day is 6584-6848.

Turmeric prices dropped on expectation of better supplies of new turmeric crops from the producing belts.

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

As per sources, from Karnataka Belgaum district new Turmeric will come to the market from February first week.

In Nizamabad, a major spot market in AP, the price ended at 7397.35 Rupees remains unchanged at0 Rupees.