Turmeric on NCDEX settled down by -2.05% at 6776 on anticipation of better supplies of new turmeric crops. However, good up country demand and buying interest among the stockists may keep the prices volatile. On the export front, country exported about 65,848 tonnes of turmeric during April-Oct period, up by 27% to 51,910 tonnes compared last year, as per government data. As per sources, 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 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 Erode market estimated market supply was at 4000 quintals, unchanged as compared to previous day’s arrival. At Nizamabad market arrivals were reported at 3500 quintals, lower by 500 quintals from previous day’s arrivals. At Warangal market sources reported arrivals at 100 bags, steady as against previous day’s arrival. For the second consecutive day, about 100 bags of new Mysore 8 variety finger turmeric arrived for sale. The buyers procured all the new turmeric. Traders received negligible upcountry demand and so they purchased more than 400 bags of the root variety. Of the arrival of 3,000 bags, they purchased 60 per cent stock. In Nizamabad, a major spot market in AP, the price ended at 7397.35 Rupees dropped -26.35 Rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -8.78% to settled at 12940 while prices down -142 rupees, now Turmeric is getting support at 6664 and below same could see a test of 6552 level, And resistance is now likely to be seen at 6904, a move above could see prices testing 7032.

Trading Ideas

# Turmeric trading range for the day is 6552-7032.

# Turmeric prices dropped on anticipation of better supplies of new turmeric crops.

# On the export front, country exported about 65,848 tonnes of turmeric during April-Oct period, up by 27% to 51,910 tonnes compared last year.

# As per sources, from Karnataka Belgaum district new Turmeric will come to the market from February first week.

# In Nizamabad, a major spot market in AP, the price ended at 7397.35 Rupees dropped -26.35 Rupees.