Turmeric settled down -1.67% at 5992 as sluggish demand coupled with low availability of good quality stocks are hammering the prices. With traders yet to receive fresh orders from North India for turmeric, over half of the produce brought to Erode markets went unsold. We are losing the hope each day, as traders have not received fresh demand from North India. The first sale season has concluded and the next sale season will start only in the second week of August. Till then, traders will buy turmeric to meet orders received from local turmeric powder grinders and masala firms. Turmeric growers also brought only medium and poor quality turmeric. Stockists are keen in buying quality turmeric to stock them. They purchased limited stocks. The price of the yellow spice is stable in futures and local markets. Arrivals remain steady in spot market in Nizamabad and supplies are expected to increase in coming days. However, the recent rainfall in Andhra Pradesh is likely to keep momentum supported for Turmeric in near term. The sources added that the total availability of turmeric have been reported at 50-55 lakh bags in major mandies, down almost 20-35 Lakh bags from the last year. A good monsoon is very crucial for sowing of the turmeric crop. The IMD said that the country may get below normal monsoon this year. In Nizamabad, a major spot market in AP, the price ended at 5732.95 rupees dropped -33.7 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 12.54% to settled at 10050 while prices down -102 rupee, now Turmeric is getting support at 5937 and below same could see a test of 5881 level, And resistance is now likely to be seen at 6095, a move above could see prices testing 6197.

Trading Ideas:

Turmeric trading range for the day is 5881-6197.

Turmeric prices ended with losses as sluggish demand coupled with low availability of good quality stocks are hammering the prices.

With traders yet to receive fresh orders from North India for turmeric, over half of the produce brought to Erode markets went unsold.

The first sale season has concluded and the next sale season will start only in the second week of August.

In Nizamabad, a major spot market in AP, the price ended at 5732.95 rupees dropped -33.7 rupees.