Turmeric settled down -1.39% at 7244 as expectation of a rise in supplies from the new season crop weighed on prices. With reports of fall in crop productivity, downtrend may be limited. With skies clearing up, a pickup in demand from North India is expected. Exporters too are waiting for some more dips in prices. The upcountry demand for the yellow spice has increased in the Erode turmeric market and slowing it will pick up. Within the next ten days, traders will get ample number of orders from North India. Of the 4,700 bags that arrived, 70 per cent were sold. Arrivals of new turmeric has touched 800 bags on Friday and from next week more bags will arrive. The market projected that the total production of turmeric in the current year is estimated at 52 lakh bags against 70 lakh bags that were estimated in the last year. 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. As per the latest data , the total carryover stocks of turmeric at the beginning of the December have been reduced to 27-28 lakh bags against 42 lakh bags reported last year in the same period. This was mainly due to strong export demand in local mandis. Technically market is under long liquidation as market has witnessed drop in open interest by -4.49% to settled at 17125 while prices down -102 rupee, now Turmeric is getting support at 7189 and below same could see a test of 7133 level, And resistance is now likely to be seen at 7333, a move above could see prices testing 7421.

Trading Ideas:

Turmeric trading range for the day is 7139-7427.

Turmeric ended with losses as expectation of a rise in supplies from the new season crop weighed on prices.

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

The upcountry demand for the yellow spice has increased in the Erode turmeric market and slowing it will pick up.

In Nizamabad, a major spot market in AP, the price ended at 6518 rupees remains unchanged at0 rupees.