Turmeric settled down -0.48% at 6576 due to profit booking after prices gained on the back of rising export demand in the spot market and concerns on fall in acreage during the new season because of poor weather conditions as well as poor irrigation arrangements.  Emerging spot demand, restricted arrivals of quality turmeric and next year crop concern is supporting the yellow spice prices. Monsoon is critical for the sowing of the commodity. IMD had projected weak rainfall this year. Better carry over stocks and poor quality of the crop is limiting the upside. Spot prices of the hybrid turmeric declined in Erode markets on Monday due to inferior quality. Due to very poor quality arrival the price of the hybrid finger decreased by Rs. 800 a quintal. Sources quoted lower price and purchased all the 100-and-odd bags. Yesterday only 2,500 bags of turmeric arrived for sale, of which 1,200 were sold. The local finger variety was up Rs. 100 a quintal. The traders said that they may get fresh orders from North India by mid-August when there is possibility of increase in price for the quality turmeric. As per market sources, fresh arrivals of around 15-20 thousand bags of new turmeric have been reported in the major producing states such as Karnataka , Maharashtra and Andhra Pradesh. In Nizamabad, a major spot market in AP, the price ended at 6166.65 rupees gained 79.15 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -3.98% to settled at 13635 while prices down -32 rupee, now Turmeric is getting support at 6515 and below same could see a test of 6455 level, And resistance is now likely to be seen at 6667, a move above could see prices testing 6759.

Trading Ideas:

Turmeric trading range for the day is 6455-6759.

Turmeric settled down due to profit booking after prices gained on the back of rising export demand in the spot market

Emerging spot demand, restricted arrivals of quality turmeric and next year crop concern is supporting the prices.

NCDEX accredited warehouses turmeric stocks gained by 81 tonnes to 696 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6166.65 rupees gained 79.15 rupees.