Turmeric on NCDEX settled down by -0.59% at 6794 on higher turmeric output from the producing belts following higher sowing and favorable weather conditions. Though, some losses were capped due to pickup in spot demand from the stockists and up-country buyers at the spot market. 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.8000qtl depends on quality and variety. 

Turmeric crop reported well in Maharashtra state expected better production compared to last year. At Nizamabad market total arrivals are at 7000 quintals, up by 3000 quintals as against previous day. At Erode market total arrivals are at 2500 quintals, higher by 500 quintals as compared to previous day. Click www.ripplesadvisory.com

At Sangli market arrivals were reported at 2850 quintals, lower by 990 quintals from previous days arrivals. The arrival of turmeric to the spot markets at Erode increased. Though the arrivals increased to 2,700 bags, the price did not improve. Still the turmeric traders have not received upcountry demand and also only medium variety turmeric is arriving for sale. 

Only 100 bags of new Mysuru Number 8 variety turmeric arrived and the buyers quoting Rs. 7,500-8,000 a quintal purchased all the stocks of new turmeric. The traders purchased 65 per cent stocks for their local demand. In Nizamabad, a major spot market in AP, the price ended at 7450 Rupees gained 30.5 Rupees.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.26% to settled at 13415 while prices down -40 rupees, now Turmeric is getting support at 6734 and below same could see a test of 6672 level, And resistance is now likely to be seen at 6858, a move above could see prices testing 6920.Turmeric trading range for the day is 6672-6920.