Turmeric settled up 1.26% at 6608 reports of demand rising at these lower levels supported the prices. Spot prices of the hybrid turmeric increased at Erode markets due to quality arrivals. Suddenly quality hybrid finger turmeric arrived for sale and some traders who are having orders from North India purchased all the 200 bags by quoting higher price.

The price was up Rs. 1,038 a quintal. But the hybrid root variety rose by only Rs. 100 as medium quality turmeric was placed for sale. Only 2,100 bags arrived for sale and fifty per cent stocks were sold. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,100-6,359 a quintal and the root variety Rs. 3,719-6,289. In Sangli sources reported arrivals at 1500 quintals, lower by 300 quintals from previous trading day .In Erode estimated market supply was at 3000 quintals, down by 2000 quintals as compared to previous day. In Nizamabad estimated market supply was at 3500 quintals, up by 500 quintals from previous day’s arrivals.

Arrivals remain steady in spot market in Nizamabad and supplies are expected to increase in coming days. As per market sources, fresh arrivals of around 15-20 thousand bags of new turmeric have been reported in the major producing states such as Karnataka , Maharashtra and Andhra Pradesh. In Nizamabad, a major spot market in AP, the price ended at 6087.5 rupees gained 82.75 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 3.88% to settled at 14190 while prices up 82 rupee, now Turmeric is getting support at 6507 and below same could see a test of 6413 level, And resistance is now likely to be seen at 6737, a move above could see prices testing
6873.

Trading Ideas:

Turmeric trading range for the day is 6416-6876.

Turmeric prices gained reports of demand rising at these lower levels supported the prices.

Spot prices of the hybrid turmeric increased at Erode markets due to quality arrivals.

Suddenly quality hybrid finger turmeric arrived for sale and some traders who are having orders from North India purchased all the 200 bags.

In Nizamabad, a major spot market in AP, the price ended at 6087.5 rupees gained 82.75 rupees.