Turmeric settled down -1.74% at 6568 on the back of arrivals of poor quality crop in the physical markets coupled with huge carryover stocks. Further, speculators indulged in reducing exposures due to subdued demand against adequate supplies from producing belts too weighed on the prices.

Quality turmeric continued to command good price, while average quality ones met with lukewarm response in Erode markets. Local traders are buying Salem hybrid, Erode hybrid and Erode sanna (thin) variety turmeric. For the quality turmeric they have quoted higher price. Of the 3,800 bags that arrived, 60 per cent was sold. Stockists have procured 10 per cent. Usually the price of turmeric is high in this season, but this year due to poor upcountry demand, prices have not gained.

All 198 bags of Salem hybrid finger and root varieties were sold, but traders quoted lower price; and both varieties were sold Rs. 100 a quintal lower. In Sangli total arrivals are at 2000 quintals, down by 500 quintals from previous day's arrivals. In Nizamabad estimated market supply was at 2000 quintals, up by 1000 quintals as compared to previous day. The market projected that the total production of turmeric in the current year is estimated at 52 lakh bags against 70 lakh bags that were estimated in the last year. In Nizamabad, a major spot market in AP, the price ended at 5971.4 rupees dropped -3.6 rupees.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.78% to settled at 8430 while prices down -116 rupee, now Turmeric is getting support at 6501 and below same could see a test of 6433 level, And resistance is now likely to be seen at 6653, a move above could see prices testing 6737.

Turmeric trading range for the day is 6433-6737.

Turmeric prices ended with losses on the back of arrivals of poor quality crop in the physical markets coupled with huge carryover stocks.

Quality turmeric continued to command good price, while average quality ones met with lukewarm response in Erode markets.

In Nizamabad estimated market supply was at 2000 quintals, up by 1000 quintals as compared to previous day.

In Nizamabad, a major spot market in AP, the price ended at 5971.4 rupees dropped -3.6 rupees.

SELL TURMERIC AUG @ 6600 SL 6720 TGT 6480-6350.NCDEX