Turmeric settled up 0.63% at 6718 due to concerns about yield in top-producer Andhra Pradesh state, though higher carry-forward stocks and supplies from the new-season harvest weighed on sentiment. Supplies from the new season harvest have started coming into local markets in small quantities. However, concern about the yield of the crop due to excessive rains in top producer Andhra Pradesh limited the downside. In Nizamabad estimated market supply was at 2000 quintals, down by 3000 quintals as against previous day. Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process starts in January. Turmeric prices rose in Erode markets as upcountry orders continued to flow. Local traders and exporters have received good upcountry orders; so they are buying the turmeric quoting 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. Technically market is under fresh buying as market has witnessed gain in open interest by 2.56% to settled at 14200 while prices up 42 rupee, now Turmeric is getting support at 6669 and below same could see a test of 6621 level, And resistance is now likely to be seen at 6753, a move above could see prices testing 6789.

Trading Ideas:

Turmeric trading range for the day is 6621-6789.

Turmeric gained due to concerns about yield in top-producer Andhra Pradesh state.

Supplies from the new season harvest have started coming into local markets in small quantities.

In Nizamabad estimated market supply was at 2000 quintals, down by 3000 quintals as against previous day.

In Nizamabad, a major spot market in AP, the price ended at 5876 rupees remains unchanged at0 rupees.