Turmeric settled up 0.42% at 6760 tracking firm cues from the spot market and good demand from overseas buyers. However, supplies from the early-sown crop and higher carry-forward stocks restricted the further gains in the prices. Supplies from the new season harvest have started coming into local markets in small quantities. Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process starts in January. Demand is good from overseas buyers at these prices. New turmeric crop has begun to arrive in Erode markets and is fetching a good price. After ten days, turmeric markets assembled on Monday and only few traders purchased as they did not get any upcountry orders. But they procured more than 60 per cent of the arrived turmeric due to quality to store them. 100 bags of new turmeric crop arrived yesterday. Fifty bags of Gundelpet turmeric arrived and fetched a higher price of Rs 6,500, while the rest of Number 8 variety was sold at Rs 4,900 a quintal. Sources said the new crop is of good quality, so they quoted a higher price. Farmers said they would bring new turmeric in large quantity within a week's time for sale. In Nizamabad, a major spot market in AP, the price ended at 5933.5 rupees dropped -4 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 2.14% to settled at 14090 while prices up 28 rupee, now Turmeric is getting support at 6695 and below same could see a test of 6629 level, And resistance is now likely to be seen at 6821, a move above could see prices testing 6881.

Trading Ideas:

Turmeric trading range for the day is 6629-6881.

Turmeric ended with gains tracking firm cues from the spot market and good demand from overseas buyers.

However, supplies from the early-sown crop and higher carry-forward stocks restricted the further gains in the prices.

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

In Nizamabad, a major spot market in AP, the price ended at 5933.5 rupees dropped -4 rupees.