Turmeric settled down -0.05% at 7346 as prices dropped on profit booking after prices gained amid lower arrivals along with pickup in demand queries from North India kept trend firm. Apprehensions of some crop damage in growing state of AP continued to support the market sentiments further. Traders also anticipate present rates are low and some more recovery cannot be ruled out in coming days once exports start picking up again. Adverse crop report from Andhra Pradesh and Tamil Nadu could support the market sentiments to some extent. Though sowing had been proper, yet excess rains during the growth stage may have affected the productivity. Lower demand and expectations of good crop have been keeping sentiments weak for the commodity over last few months. With market rates having fallen a lot over last few months, traders are anticipating demand to start picking up at these lower levels. But, better crop prospects and higher stocks have kept upside movement under check. Some demand from North India was there but poor quality arrivals have kept prices down. Reports of stockists not willing to sell at these lower levels have been there in mandis. Prospects of better sowing this year due to good rains in the growing states have been preventing any strong recovery so far. Expectations of rise in domestic demand are there from North India. In Nizamabad, a major spot market in AP, the price ended at 6347.8 rupees remains unchanged at0 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 5.79% to settled at 16445 while prices down -4 rupee, now Turmeric is getting support at 7252 and below same could see a test of 7158 level, And resistance is now likely to be seen at 7468, a move above could see prices testing 7590.

Trading Ideas:

Turmeric trading range for the day is 7156-7588.

Turmeric settled flat as prices dropped on profit booking after prices gained amid lower arrivals along with pickup in demand

Apprehensions of some crop damage in growing state of AP continued to support the market sentiments.

Though sowing had been proper, yet excess rains during the growth stage may have affected the productivity.

In Nizamabad, a major spot market in AP, the price ended at 6347.8 rupees remains unchanged at0 rupees.