Turmeric settled down -3.06% at 6332 triggered by higher stocks and hopes of strong productivity. Moreover, subdued demand from retailers and stockists as well as slackness in export demand also impacted the trading sentiments. The total carryover stocks of turmeric at the beginning of the December have been reduced to 40-42 lakh bags against 55 lakh bags reported last year in the same period. This was mainly due to strong export demand in local mandies. The market sources suggested that the total production of turmeric in the current year is estimated at 52 lakh bags against 70 lakh bags that were estimated in the last year. The sources added that poor rainfall in Erode during the sowing period will reduce the total production of the turmeric crop in the current year. As per the market sources, the new harvesting season of turmeric crop will begin from the end-December in some parts of Andhra Pradesh due to early plantation by farmers. The market data suggested that total stocks of around 35-36 lakh bags have been reported in the major producing states. These stocks can easily meet the total consumption of the domestic market for the next two months, ie, around 8-10 lakh bags. In Nizamabad, a major spot market in AP, the price ended at 5488 rupees gained 9.9 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -2.69% to settled at 13220 while prices down -200 rupee, now Turmeric is getting support at 6231 and below same could see a test of 6129 level, And resistance is now likely to be seen at 6487, a move above could see prices testing 6641.

Trading Ideas:

Turmeric trading range for the day is 6128-6640.

Turmeric ended with losses triggered by higher stocks and hopes of strong productivity.

Subdued demand from retailers and stockists as well as slackness in export demand also impacted the trading sentiments

NCDEX accredited warehouses turmeric stocks dropped by 351 tonnes to 1476 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 5488 rupees gained 9.9 rupees.