Turmeric on NCDEX settled down by -1.39% at 6260 due to increasing in the face of weak domestic and weak export buying. Tight money market and reports of increased production the back of favorable weather may pressurize prices. Arrivals are increasing on weekly basis and higher than last year as a result of higher production. India's Apr-Dec turmeric output grew 6% to 68,500 ton. Turmeric output is expected to be bumper as not only the acreage was higher but weather remained favourable. At Nizamabad market estimated market supply was at 16000 quintals, lower by 2000 quintals from previous day’s arrivals. At Erode market total arrivals are at 7000 quintals, up by 3000 quintals from previous trading day. At Warangal market total arrivals are at 150 bags, down by 50 bags from previous day’s arrivals. Demand for new turmeric increased. Traders expect the prevailing turmeric price to be maintained for a few more days. At the Erode Turmeric Merchants Association sales yard, finger turmeric sold at Rs. 5,689-8,515 a quintal, while the root variety sold at Rs. 5,506-7,625. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,449-7,786 a quintal and the root variety at Rs. 6,139-6,669. At the Erode Cooperative Marketing Society finger turmeric sold at Rs. 7,256-8,169 and the root variety at Rs. 6,399-6,955. In Nizamabad, a major spot market in AP, the price ended at 6212.5 Rupees dropped -0.85 Rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -2.18% to settled at 11650 while prices down -88 rupees, now Turmeric is getting support at 6196 and below same could see a test of 6132 level, And resistance is now likely to be seen at 6350, a move above could see prices testing 6440.

Trading Ideas:

# Turmeric trading range for the day is 6132-6440.

# Turmeric prices dropped due to increasing in the face of weak domestic and weak export buying.

# Tight money market and reports of increased production the back of favorable weather may pressurize prices.

# NCDEX accredited warehouses turmeric stocks gained by 159 tonnes to 1209 tonnes.

# In Nizamabad, a major spot market in AP, the price ended at 6212.5 Rupees dropped -0.85 Rupees.