Turmeric settled down -0.79% at 6544 tracking a weak trend at spot market on sluggish demand due to poor quality arrivals as well as huge carryover stocks. However, crop damage in Sangli and overall lower acreage limited the losses to some extent. Spot turmeric prices in Erode markets despite a long weekend since demand was slack. Yesterday 5,000 bags of turmeric arrived for sale, but only fifty per cent stocks was sold. Traders are waiting for fresh demand from North India. The hybrid finger turmeric decreased by Rs. 300 a quintal and the root variety at Rs. 100. Among other varieties, the price was down Rs. 50-100, but the sale was very low. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,799-6,399 a quintal; the root variety at Rs. 4,111-6,350. At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger turmeric went for Rs. 5,430-6,459; the root variety Rs. 5,080-6,342. Of the 267 bags that arrived, 265 found takers. The sowing of new crop is still a major concern in states like Andhra Pradesh, Telangana and Tamilandu due to delayed monsoon rainfall and poor price realization by cultivators. Similar trend is also observing in Maharashtra as not much sowing has been reported in Sangli.  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. Technically market is under fresh selling as market has witnessed gain in open interest by 1.91% to settled at 15485 while prices down -52 rupee, now Turmeric is getting support at 6464 and below same could see a test of 6384 level, And resistance is now likely to be seen at 6644, a move above could see prices testing 6744.

Trading Ideas:

Turmeric trading range for the day is 6384-6744.

Turmeric prices ended with losses tracking a weak trend at spot market on sluggish demand due to poor quality arrivals as well as huge carryover stocks.

However, crop damage in Sangli and overall lower acreage limited the losses to some extent.

NCDEX accredited warehouses turmeric stocks gained by 40 tonnes to 1230 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6283.75 rupees remains unchanged at0 rupees.