Turmeric settled down -2.08% at 7266 owing to subdued demand from retailers and stockists amid huge carryover stocks and arrivals of the new crop. Weak overseas demand and approaching supplies from new season harvest too influenced the turmeric prices, though concerns about yield in top-producer Andhra Pradesh state restricted the downside. Sowing of Turmeric in AP for the 2013-14 season is reported at 0.53 lakh ha, as against 0.68 lakh ha last year and a normal sowing of 0.68 lakh ha. Production in 2012-13 is reported around 45 lakh bags, down by 40-50%. Current year's carryover stocks are estimated around 10 lakh bags. Exports between Apr-Sept 2013 stood at 38,500 tn, higher than 37,736 tn in Apr-June 2012. No trader from Erode bought stocks from Andhra Pradesh as prices ruled at Rs. 6,500 at Warangal. Arrivals in markets such as Warangal, Nizamabad and Sangli were higher with 9,000 bags hitting Nizamabad. About 175 bags of new turmeric arrived for sale in Erode and demand was high. All the 175 were sold for their quality. Overall, 3,700 bags arrived in Erode markets and 70 per cent was sold. Prices are likely to increase after February 15 as traders and exporters are expected to get good orders from North India and abroad. In Nizamabad, a major spot market in AP, the price ended at 6444.25 rupees dropped -12 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -2.69% to settled at 15905 while prices down -154 rupee, now Turmeric is getting support at 7168 and below same could see a test of 7070 level, And resistance is now likely to be seen at 7446, a move above could see prices testing 7626.

Trading Ideas:

Turmeric trading range for the day is 7077-7633.

Turmeric ended with losses owing to subdued demand from retailers and stockists amid huge carryover stocks.

Weak overseas demand and approaching supplies from new season harvest too influenced the turmeric prices.

Arrivals in markets such as Warangal, Nizamabad and Sangli were higher with 9,000 bags hitting Nizamabad.

In Nizamabad, a major spot market in AP, the price ended at 6444.25 rupees dropped -12 rupees.