Turmeric settled down -0.16% at 7262 as new-season supplies and large carry-forward stocks weighed on prices. With skies clearing up, a pickup in demand from North India is expected. Exporters too are waiting for some more dips in prices. Due to lack of demand from North India, spot turmeric prices dropped by Rs. 200 a quintal. Traders quoted a higher price and procured 1,540 bags of the 3,200 that arrived. The only medium quality turmeric arrived for sale and buyers purchased the stock. Further, the arrival of new turmeric crop increased to 300 bags. Within the next couple of days, arrivals of new crop will touch 500 bags. For want of quality, only 12 bags of quality turmeric were sold against arrival of 160 bags. Similarly, in the Regulated Market Committee also, the sale was very low - 111 bags against the arrival of 227. There is no scarcity for the produce this year and this year, harvest may touch 45 lakh bags, of which Tamil Nadu's share will be 7-8 lakh bags. He said that currently, in addition to new crop, farmers have a stock of 25 lakh bags with them. During 2013, the area under turmeric decreased to 5,000-odd acres against the normal 12,000 acres. In Nizamabad, a major spot market in AP, the price ended at 6460.2 rupees dropped -3.35 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 4.01% to settled at 17135 while prices down -12 rupee, now Turmeric is getting support at 7148 and below same could see a test of 7034 level, And resistance is now likely to be seen at 7358, a move above could see prices testing 7454.

Trading Ideas:

Turmeric trading range for the day is 7022-7442.

Turmeric settled down as new-season supplies and large carry-forward stocks weighed on prices.

With skies clearing up, a pickup in demand from North India is expected.

Traders quoted a higher price and procured 1,540 bags of the 3,200 that arrived.

In Nizamabad, a major spot market in AP, the price ended at 6460.2 rupees dropped -3.35 rupees.