Turmeric settled up 3.97% at 6184 due to concerns over the next year's output due to lower rainfall. Traders are keen on buying quality turmeric as they intend to stock and sell when there is demand from exporters. Prices of hybrid and other turmeric varieties decreased due to poor quality and want of demand. Quality turmeric is available in Nizamabad at a lower price. So, some North India traders have placed a few orders there. 15,000 bags arrived in Nizamabad, Warangal, Assam, Maharashtra and Sadhashivpet turmeric markets but only 40 per cent of the stock was sold due to quality problems. For the second day in succession, the price of the hybrid finger turmeric decreased by Rs. 300 a quintal. The hybrid root turmeric lost Rs. 150. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,004-6,214 a quintal; the root variety Rs. 3,599-5,885. In Nizamabad estimated market supply was at 2000 quintals, unchanged as compared to previous day’s arrival. In Sangli Estimated market supply was at 2000 quintals, steady as against previous day’s arrival. 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. In Nizamabad, a major spot market in AP, the price ended at 5765.9 rupees gained 38.65 rupees. Technically market is under short covering as market has witnessed drop in open interest by -14.69% to settled at 12570 while prices up 236 rupee, now Turmeric is getting support at 6035 and below same could see a test of 5885 level, And resistance is now likely to be seen at 6259, a move above could see prices testing 6333.

Trading Ideas:

Turmeric trading range for the day is 5885-6333.

Turmeric prices ended with gains due to concerns over the next year's output due to lower rainfall.

Traders are keen on buying quality turmeric as they intend to stock and sell when there is demand from exporters.

In Nizamabad estimated market supply was at 2000 quintals, unchanged as compared to previous day’s arrival.

In Nizamabad, a major spot market in AP, the price ended at 5765.9 rupees gained 38.65 rupees.