Turmeric settled up 0.75% at 7016 due to lower arrivals in the southern states Andhra Pradesh and Tamil Nadu following lower production and some fresh overseas inquiries. Some Delhi merchants have placed orders for the root variety, resulting in some traders buying quality root variety. Of 4,000 bags that arrived, 70 per cent was sold. About 100 bags of number 8 variety new turmeric arrived for sale. All were sold for 4,800-4,900 a quintal. Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process starts in January. The arrival of new crop will increase within a couple of days. Meanwhile, traders purchased old crop in large quantity expecting good order from the first week of February. But they quoted a higher price for the old crop as the quality of the arrival was good. Sources have received firm orders from turmeric powder units. Traders and exporters are waiting for fresh upcountry orders. Farmers said that they are confident they will get good price for their produce this year. Moreover, weakness in overall domestic production also added some support to the prices. 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. In Nizamabad, a major spot market in AP, the price ended at 6126.2 rupees gained 39.25 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 1.27% to settled at 14715 while prices up 52 rupee, now Turmeric is getting support at 6913 and below same could see a test of 6809 level, And resistance is now likely to be seen at 7097, a move above could see prices testing 7177.

Trading Ideas:

Turmeric trading range for the day is 6802-7170.

Turmeric gained due to lower arrivals in Andhra Pradesh and Tamil Nadu following lower production and some fresh overseas inquiries.

Some Delhi merchants have placed orders for the root variety, resulting in some traders buying quality root variety.

The arrival of new crop will increase within a couple of days.

In Nizamabad, a major spot market in AP, the price ended at 6126.2 rupees gained 39.25 rupees.