Turmeric settled down -1.99% at 6400 due to lack of strong demand amidst improved Monsoon rains in the Southern states. Spot turmeric prices edged down due to want of demand. Medium variety hybrid finger turmeric arrived for sale and traders purchased all hybrid finger and root varieties at a lower price. The hybrid was down Rs. 200 a quintal. Further, only medium and poor quality turmeric arrived for sale. The hybrid finger turmeric lost Rs. 200 a quintal at Rs. 7,929. Of the 4,100 bags that arrived, 2,410 were sold. Traders expect arrivals to rise in a couple of days. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs. 4,199-6,585; the root variety at Rs. 4,063-6,429. In Nizamabad sources reported arrivals at 1500 quintals, lower by 1000 quintals from previous trading day. 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. Therefore, weak sowing will restrict the stockiest selling in local mandies. In Nizamabad, a major spot market in AP, the price ended at 6119.45 rupees dropped -18.05 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 1.3% to settled at 11660 while prices down -130 rupee, now Turmeric is getting support at 6363 and below same could see a test of 6327 level, And resistance is now likely to be seen at 6473, a move above could see prices testing 6547.

Trading Ideas:

Turmeric trading range for the day is 6327-6547.

Turmeric prices dropped due to lack of strong demand amidst improved Monsoon rains in the Southern states.

Medium variety hybrid finger turmeric arrived for sale and traders purchased all hybrid finger and root varieties at a lower price.

NCDEX accredited warehouses turmeric stocks gained by 110 tonnes to 870 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6119.45 rupees dropped -18.05 rupees.