Turmeric settled down -0.57% at 5948 on late profit booking after prices gained on concerns over next year's output. In Nizamabad traders reported arrivals at 2000 quintals, lower by 3000 quintals from previous trading day. A rise in turmeric futures had little impact on spot prices in Erode markets. The increase of Rs. 70 a quintal in the futures market did not make any impact on the sale of spot turmeric and its price. Only 50 per cent of 3,000 bags that arrived were sold. Only medium variety turmeric arrived for sale and traders and stockists purchased meagre quantity. Still the traders are waiting for upcountry demand. Traders are keen on buying quality turmeric as they intend to stock and sell when there is demand from exporters. Some local traders also purchased negligible quantity of turmeric from Nizamabad, for the supply of the commodity to the local masala firms and turmeric powder grinding units. Due to the arrival of poor quality, the price of hybrid finger turmeric decreased by Rs. 450. The root variety slipped by Rs. 100 a quintal. As per the latest forecast from The IMD, the rainfall over the country as a whole for the 2014 south-west monsoon season, from June to September, was likely to be below normal at 90-96% of the long period average (LPA). In Nizamabad, a major spot market in AP, the price ended at 5727.25 rupees gained 5.55 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 7.85% to settled at 14775, now Turmeric is getting support at 5913 and below same could see a test of 5867 level, And resistance is now likely to be seen at 6023, a move above could see prices testing 6087.

Trading Ideas:

Turmeric trading range for the day is 5863-6083.

Turmeric settled down on late profit booking after prices gained on concerns over next year's output.

In Nizamabad traders reported arrivals at 2000 quintals, lower by 3000 quintals from previous trading day.

Only medium variety turmeric arrived for sale and traders and stockists purchased meagre quantity.

In Nizamabad, a major spot market in AP, the price ended at 5727.25 rupees gained 5.55 rupees.