Turmeric settled down by -2.3% at 7236 tracking weakness in spot demand amid heavy arrivals from producing regions. Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period. However, prospects of weak monsoon in July – August may affect turmeric production in rainfed areas while irrigated turmeric may not affect much. However, excess rains during the vegetative and harvesting may adversely affect the production and quality. As on week ending 29 July, 2015, turmeric sowing In Andhra Pradesh, is recorded at 6135 hectares, which is below normal area of 7888 hectares as on date while in Telangana , 65 per cent sowing is completed at 35548 hectares , still below normal sowing. At Warangal market estimated market supply was at 150 bags, down by 50 bags from previous trading day. At Sangli market total arrivals are at 800 quintals, lower by 700 quintals from previous trading day. At Nizamabad market total arrivals are at 1000 quintals, down by 200 quintals from previous trading day. Spot turmeric prices at Erode markets decreased due to heavy arrivals. Only 7,000 bags arrived for sale and the finger variety was down by Rs. 200 a quintal. But the price of the root variety increased due to quality. Buyers procured more than 1,000 bags of the root variety. In Nizamabad, a major spot market in AP, the price ended at 7283.65 rupees dropped -61.15 rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 3.51% to settled at 12690 while prices down -170 rupee, now Turmeric is getting support at 7084 and below same could see a test of 6932 level, And resistance is now likely to be seen at 7416, a move above could see prices testing 7596.

Trading Ideas:

Turmeric trading range for the day is 6932-7596.

Turmeric prices ended with losses tracking weakness in spot demand amid heavy arrivals from producing regions.

Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period.

NCDEX accredited warehouses turmeric stocks gained by 70 tonnes to 13402 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7283.65 rupees dropped -61.15 rupees.