Turmeric settled down -0.44% at 7250 due to large stocks and fresh supplies. Demand for the hybrid finger turmeric increased due to quality arrivals on Thursday. 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. India exported turmeric of 50,500 tonnes for Rs. 408.28 crore during the period April to November 2013, jumped 11% and 41% respectively in volume and value of exports over the same period last year. 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. In Nizamabad, a major spot market in AP, the price ended at 6522.6 rupees dropped -18.3 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -1.26% to settled at 16850 while prices down -32 rupee, now Turmeric is getting support at 7207 and below same could see a test of 7165 level, And resistance is now likely to be seen at 7295, a move above could see prices testing 7341.

Trading Ideas:

Turmeric trading range for the day is 7162-7338.

Turmeric ended with losses due to large stocks and fresh supplies.

Demand for the hybrid finger turmeric increased due to quality arrivals on Thursday.

The market projected that the total production of turmeric in the current year is estimated at 52 lakh bags against 70 lakh bags

In Nizamabad, a major spot market in AP, the price ended at 6522.6 rupees dropped -18.3 rupees.