Turmeric settled down -0.84% at 6626 driven by a fall in demand in the spot market against adequate stocks position. Moreover, increased arrivals from the major producing areas also dampened the trading sentiments. With buyers showing interest in hybrid turmeric, its prices increased with all 150 bags on offer being picked up. Spot turmeric prices increased marginally by Rs. 100 a quintal, but the sales were poor due to non-receipt of fresh orders from the merchants in North India. Further, traders did not receive local orders either. Traders purchased all the 150 bags of hybrid finger and root variety turmeric. Only about 40 per cent of the 5,000 bags that arrived was sold. The price of the yellow spice in other centres such as Nizamabad, Warangal, Sangli and Assam are equal to Erode price.  The hybrid finger turmeric was increased by Rs. 800 a quintal and the root variety by Rs. 200. Other varieties increased by Rs. 100-200. At the Erode Turmeric Merchants Association sales centre, the finger turmeric was sold at Rs. 4,199-6,449, the root variety at Rs. 4,099-6,399. In Nizamabad reported arrivals at 2000 quintals, unchanged as compared to previous day’s arrival. In Sangli total arrivals are at 1500 quintals, higher by 500 quintals from previous trading day. In Nizamabad, a major spot market in AP, the price ended at 6114.2 rupees remains unchanged at0 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 6.24% to settled at 6215 while prices down -56 rupee, now Turmeric is getting support at 6578 and below same could see a test of 6529 level, And resistance is now likely to be seen at 6684, a move above could see prices testing 6741.

Trading Ideas:

Turmeric trading range for the day is 6529-6741.

Turmeric prices dropped driven by a fall in demand in the spot market against adequate stocks position.

Moreover, increased arrivals from the major producing areas also dampened the trading sentiments.

NCDEX accredited warehouses turmeric stocks gained by 80 tonnes to 1080 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6114.2 rupees remains unchanged at0 rupees.