Turmeric settled down -1.41% at 6724 owing to adequate stocks from the old crop and approaching supplies from the new season crop amid subdued export demand. The sentiments further weakened as speculators booked profits at prevailing higher levels, driven by a fall in demand in the spot market. The current demand is likely to increase and prices may rise further. The arrival of fine variety has resulted in sales increasing. Today 5,500 bags of turmeric arrived and 80 per cent was sold. Sources said if quality turmeric arrives for sale, they may quote a higher price. They will receive orders till Sankaranti but orders may decrease a few days after that. Until then, they will receive fresh orders for both new and old crops. The medium and quality turmeric arrived for sale. Almost, the entire lot of quality turmeric was purchased by traders. Due to the arrival of fine variety hybrid turmeric, its prices increased by Rs 300 a quintal. Traders also quoted higher price, though only medium and poor quality were on offer. Only 45 per cent of the offerings was bought. Sources said that they prefer only quality turmeric as from January-end the new crop will arrive for sale. Similarly, they will receive fresh demand only by January-end from North India. In Nizamabad, a major spot market in AP, the price ended at 5843.2 rupees dropped -50 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 1.91% to settled at 14125 while prices down -96 rupee, now Turmeric is getting support at 6636 and below same could see a test of 6548 level, And resistance is now likely to be seen at 6826, a move above could see prices testing 6928.

Trading Ideas:

Turmeric trading range for the day is 6547-6927.

Turmeric prices ended with losses owing to adequate stocks from the old crop and approaching supplies from the new season crop.

The current demand is likely to increase and prices may rise further. The arrival of fine variety has resulted in sales increasing.

If quality turmeric arrives for sale, farmers may quote a higher price.

In Nizamabad, a major spot market in AP, the price ended at 5843.2 rupees dropped -50 rupees.