Turmeric settled up 0.91% at 7326 on fresh export demand, though expectation of a rise in supplies from the new season crop capped gains. Further, orders from North India as well as improved overseas demand also influenced the commodity prices. Spot turmeric prices in Erode markets ruled unchanged due to poor upcountry demand. Prices at Warangal, Sangli and Nizamabad are lower than Erode turmeric, but the sale at the centres are also poor. Merchants in North India also have not placed any order for Erode turmeric, but traders expect to get fresh upcountry orders by the end of this week. Only 2,700 bags of turmeric arrived for sale and 55 per cent was sold. Demand for the new crop has increased and 450 bags from the new crop arrived for sale. With reports of fall in crop productivity, downtrend may be limited. With skies clearing up, a pickup in demand from North India is expected. 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. In Nizamabad, a major spot market in AP, the price ended at 6542 rupees gained 24 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 1.61% to settled at 17395 while prices up 66 rupee, now Turmeric is getting support at 7216 and below same could see a test of 7106 level, And resistance is now likely to be seen at 7400, a move above could see prices testing 7474.

Trading Ideas:

Turmeric trading range for the day is 7110-7478.

Turmeric gained on fresh export demand, though expectation of a rise in supplies from the new season crop capped gains

Further, orders from North India as well as improved overseas demand also influenced the commodity prices.

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

In Nizamabad, a major spot market in AP, the price ended at 6542 rupees gained 24 rupees.