Turmeric on NCDEX settled down by -0.33% at 6116


 Turmeric on NCDEX settled down by -0.33% at 6116 tracking lower prices in spot market due to lower demand. Turmeric arrivals in the country is sliding in the last fortnight to 40,014 tons (April 1-15) compared to 53,762 tons during second half of March. Turmeric output is seen at 7.5 million bags of 70 kg each, said Kumar. With carry over stock of nearly 3 million bags total availability is expected around 10.5 million bags. As against this, domestic demand is estimated at 5.5 million bags and export at 2.2 million bags. India's Apr-Dec turmeric export grew 25% to 85,500 ton on year. Last year, India exported 68,500 ton in the same period.On the export front, country exported about 89,704 tonnes during April-Jan period, up by 28.3% compared to last year exports of 69,870 tonnes, as per government data. There are expectations of improved demand in coming weeks as prices are lower. At Warangal market estimated market supply was at 3500 bags, higher by 500 bags as against previous day. The arrival of new turmeric for sale has increased several-fold, rising to 9,000 bags. Sale has also increased. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,514 to 8,014 a quintal. The root variety sold at Rs. 5,389 to 7,100. At the Regulated Marketing Committee, finger turmeric sold at Rs. 6,669 to 7,699.

In Nizamabad, a major spot market in AP, the price ended at 5850 Rupees dropped -125 Rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -0.12% to settled at 20120 while prices down -20 rupees, now Turmeric is getting support at 6068 and below same could see a test of 6020 level, And resistance is now likely to be seen at 6168, a move above could see prices testing 6220. 
 
 
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