Turmeric settled down -0.53% at 6782 as high stocks from last year's crop and approaching supplies from the new season harvest weighed. Moreover, pick-up in local buying and fresh orders from North India too supported the uptrend. The new turmeric crop has begun to arrive in Erode markets and it fetched a good price. As expected, two bags of new turmeric arrived on Thursday. The new crop went for Rs 5,100 a quintal, which is good. Farmers are now happy that turmeric is selling above Rs 6,200 a quintal after a few months. They brought more for sale. On Thursday, 6,200 bags arrived and 70 per cent was sold. Growers said they have started harvesting the new crop and they would bring more only after Pongal, as the crop requires to be boiled, dried and polished. Prices increased by Rs 100 a quintal on Thursday. Traders, who have reasonable upcountry orders on hand, procured to meet their requirements. Only traders and exporters purchased. Sources said that they have only local demand and have not yet received upcountry orders. So, buying is limited. Farmers said that stockists are having huge inventories with them and expect sales to increase. Technically market is under long liquidation as market has witnessed drop in open interest by -0.9% to settled at 13775 while prices down -36 rupee, now Turmeric is getting support at 6744 and below same could see a test of 6706 level, And resistance is now likely to be seen at 6836, a move above could see prices testing 6890.

Trading Ideas:

Turmeric trading range for the day is 6709-6893.

Turmeric dropped as high stocks from last year's crop and approaching supplies from the new season harvest weighed.

Moreover, pick-up in local buying and fresh orders from North India too supported the uptrend.

The new turmeric crop has begun to arrive in Erode markets and it fetched a good price.

In Nizamabad, a major spot market in AP, the price ended at 5839.75 rupees remains unchanged at0 rupees.