Turmeric settled down -0.5% at 6804 on higher stocks and lower-than-expected export demand. Moreover, receding stocks of turmeric in major mandies limited the downside. The sources added that the total availability of Turmeric have been reported at 50-55 lakh bags in major mandies, down almost 20-35 lakh bags from the last year. This is mainly due to strong export demand and weak domestic production. Some 9,200 bags arrived for sale. Traders who have upcountry orders procured selectively. They quoted a lower price, as prices in the futures market dropped by Rs.100 a quintal; this has reflected in the market. All the traders quoted Rs.100-200 lower. Traders purchased over 4,500 bags and stockists also purchased over 1,000 bags. Traders are having good demand for the hybrid variety; so they are showing interest in buying the variety. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 7.82% to settled at 7515 while prices down -48 rupee, now Turmeric is getting support at 6753 and below same could see a test of 6715 level, And resistance is now likely to be seen at 6855, a move above could see prices testing 6919.

Trading Ideas:

Turmeric trading range for the day is 6720-6924.

Turmeric ended with losses on higher stocks and lower-than-expected export demand.

The total availability of Turmeric have been reported at 50-55 lakh bags in major mandies, down almost 20-35 lakh bags.

Traders purchased over 4,500 bags and stockists also purchased over 1,000 bags.

In Nizamabad, a major spot market in AP, the price ended at 6502.15 rupees remains unchanged at0 rupees.