Technically Turmeric market is under fresh buying as market has witnessed gain in open interest by 2.47% to settled at 8520 while prices up 4 rupees.

Now NCDEX Turmeric is getting support at 5772 and below same could see a test of 5756 levels, and resistance is now likely to be seen at 5802, a move above could see prices testing 5816.

Turmeric yesterday settled up by 0.07% at 5788 due to lack of strong demand among adequate carryover stocks. Pressure also seen amid reports of higher carry forwards stocks from last year due to higher production.

Production for the marketing year 2020-21 is expected to be around 5.20 lakh tonnes on the preliminary basis as against last year’s production of 5.35 lakh tonnes. Turmeric prices trading lower owing to decline in demand from exporters and bulk buyers such as spice manufacturers amid the ongoing lockdown.

Traders in the spot markets are quoting turmeric based on quality. Medium quality turmeric has been on sale for the last few months. Buyer traders who are getting local demand and some domestic demand are cautiously priced.

Farmers are unhappy about the current prices, while traders are making limited purchases of turmeric. Most traders have not yet received new demands, nor have they been sought from local turmeric powder units and spice firms.

Boosted by large shipments of chilli, cumin and turmeric, India’s spices exports registered a 15 per cent growth in quantitative terms during April to August this year. The value of exports rose to ?10,001.61 crore, up from ?8,858.06 crore in the corresponding period last year.

Trading Ideas:
–Turmeric trading range for the day is 5756-5816.
–Turmeric settled flat recovering from lows after prices dropped due to lack of strong demand among adequate carryover stocks.
–Pressure also seen amid reports of higher carry forwards stocks from last year due to higher production.
–Traders in the spot markets are quoting turmeric based on quality
–In Nizamabad, a major spot market in AP, the price ended at 5650 Rupees remains unchanged at0 Rupees.