Turmeric on NCDEX settled down by -0.3% at 6624 as the supplies are adequate in the physical market. Though, some losses were capped on rising domestic as well as exports demand at the spot market. On the export front, country exported about 82,115 tons during April-December period, up by 28% compared to last year exports of 64,105 tons. The turmeric arrivals in the country increase to 54,641 tons during February 27- March 4 compared to
28,454 tons during previous week. At Sangli market estimated market supply was at 15000 quintals, lower by 3000 quintals as compared to previous day. At Erode market estimated market supply was at 3300 quintals, up by 100 quintals as compared to previous day. For want of proper demand for the turmeric, the price of the same was decreased. AtErode Turmeric Merchants Association Sales yard finger variety sold at Rs. 5,319 to 8610 a quintal, root variety sold at Rs. 5,299 to 7,690. At Regulated marketing Committeefinger turmeric sold at Rs. 7,260 to 9,209. Root variety sold at Rs. 6,899 to 7,469. At Erode Cooperative Marketing Society finger turmeric sold at Rs. 6,755 to 8,812. Root variety sold at Rs. 6,989 to 7,515. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc. According to trade sources turmeric output is expected to be around 7.5-8 million bags. In Nizamabad, a major spot market in AP, the price ended at 6660 Rupees dropped -100 Rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -0.22% to settled at 13880 while prices down -20 rupees, now Turmeric is getting support at 6554 and below same could see a test of 6486 level, And resistance is now likely to be seen at 6680, a move above could see prices testing 6738.

Trading Ideas:

Turmeric trading range for the day is 6486-6738.

Turmeric prices ended with losses as the supplies are adequate in the physical market.

At Erode market estimated market supply was at 3300 quintals, up by 100 quintals as compared to previous day.

NCDEX accredited warehouses turmeric stocks dropped by 35 tonnes to 10 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6660 Rupees dropped -100 Rupees.