Turmeric settled down -0.76% at 6530 with improvement in monsoon rains in the Southern states. Moreover, lower trading activities also negatively affected the sentiments. The market sources suggested that the sowing of new crop is still a major concern in states like Andhra Pradesh and Tamilandu due to delayed monsoon rainfall and poor price realization by cultivators in the last marketing season. Similar trend is also seen in Maharashtra as not much sowing has been reported in Sangli and Nanded districts.  Spot turmeric prices in Erode markets decreased following poor upcountry demand. Only two or three orders were received from merchants in North India; so the price of turmeric is declining. Further, turmeric growers, expecting good price for their commodity, brought limited stock. Due to arrival of medium quality hybrid finger turmeric, prices decreased by Rs. 400 a quintal.  Of the 2,400 bags that arrived, 1,180 were sold. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,155-6,519 a quintal; the root variety Rs. 4,009-6,437. The market data suggested that around 68 lakh bags of turmeric have been reported in local mandies against 75 bags the last year. In Nizamabad, a major spot market in AP, the price ended at 6137.5 rupees dropped -30.9 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -0.52% to settled at 11520 while prices down -50 rupee, now Turmeric is getting support at 6452 and below same could see a test of 6382 level, And resistance is now likely to be seen at 6614, a move above could see prices testing 6706.

Trading Ideas:

Turmeric trading range for the day is 6385-6709.

Turmeric prices ended with losses with improvement in monsoon rains in the Southern states.

The sowing of new crop is still a major concern in states like Andhra Pradesh and Tamilandu due to delayed monsoon rainfall.

Spot turmeric prices in Erode markets decreased following poor upcountry demand.

In Nizamabad, a major spot market in AP, the price ended at 6137.5 rupees dropped -30.9 rupees.