Turmeric on NCDEX settled up by 0.74% at 6852 supported by surging domestic as well as exports demand in the spot market. However upside was limited on reports of higher output and scattered commencement of crop supplies in the producing centres of Erode, Nizamabad, Duggirala and other places. In Sangli (Maharashtra), new Turmeric crop coming to the market with small quantity around 450 bags (1 bag = 70kgs), for new crop price quoted in a range of Rs.6800 - Rs.8000/qtl depends on quality and variety. Turmeric crop reported well in Maharashtra state expected better production compared to last year. As per trade information, from Karnataka Belgaum district new Turmeric will come to the market from February first week.In Nizamabad major growing regions Turmeric standing crop also reported well. As per Agriwatch production estimate, Turmeric production reported higher by around 7.5% during current year. Last year Turmeric area reported down due to lower rainfall at the time of sowing period. At Nizamabad market sources reported arrivals at 1500 quintals, down by 100 quintals from previous day’s arrivals. At Warangal market sources reported arrivals at 100 bags, unchanged as compared to previous day’s arrival. India exported about 51,147 ton turmeric during Apr-Aug 2016-17 up by 32% on year, as per the data released by commerce ministry. In Nizamabad, a major spot market in AP, the price ended at 7325 rupees gained 25 rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 1.65% to settled at 12960 while prices up 50 rupee, now Turmeric is getting support at 6810 and below same could see a test of 6766 level, And resistance is now likely to be seen at 6894, a move above could see prices testing 6934.

Trading Ideas:

Turmeric trading range for the day is 6766-6934.

Turmeric prices gained supported by surging domestic as well as exports demand in the spot market.

However upside was limited on reports of higher output and scattered commencement of crop supplies in the producing centres.

In Sangli (Maharashtra), new Turmeric crop coming to the market with small quantity around 450 bags.

In Nizamabad, a major spot market in AP, the price ended at 7325 rupees gained 25 rupees.