Turmeric settled up 0.51% at 6356 on hopes of improvement in local demand in the winter season. Fresh export enquires as well as domestic demand may support prices at lower levels. However, excessive rains in Andhra Pradesh raised concerns about the quality of the crop. Virtually no trader has upcountry order , so they quoted a lower price and purchased only 45 per cent of the 3,500 bags that arrived. Further, till January-end they are unlikely to receive any order from North India, resulting in limited stocks being bought. The market sources suggested that the total stocks of the turmeric have been declined to 35-36 lakh bags against 48-51 lakh bags of the last year in the same period. This was mainly due to robust export demand of turmeric and strong domestic consumption. Moreover, weakness in overall domestic production also added some support to the prices. 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. Sources said that they prefer only quality turmeric as from January-end the new crop will arrive for sale. Similarly, they will receive fresh demand only by January-end from North India. In Nizamabad, a major spot market in AP, the price ended at 5540.9 rupees gained 24.25 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 3.1% to settled at 13305 while prices up 32 rupee, now Turmeric is getting support at 6242 and below same could see a test of 6128 level, And resistance is now likely to be seen at 6452, a move above could see prices testing 6548.

TURMERIC

Turmeric trading range for the day is 6130-6550.

Turmeric ended with gains on hopes of improvement in local demand in the winter season.

Fresh export enquires as well as domestic demand may support prices at lower levels.

However, excessive rains in Andhra Pradesh raised concerns about the quality of the crop.

In Nizamabad, a major spot market in AP, the price ended at 5404.15 rupees dropped -83.85 rupees.

BUY TURMERIC APR ABV 6370 SL 6270 TGT 6440-6560. NCDEX