Turmeric settled down -2.79% at 6412 on the account of huge stocks of low-quality produce and a drop in buying interest. Furthermore, adequate supplies from the producing areas and lack of fresh demand from the North India also impacted the sentiments. Spot turmeric prices ruled low in Erode markets due to lack of demand.  Only a couple of upcountry demands have been received by a few traders and so the price of the spot turmeric remains at Rs. 6,400-6,500 a quintal. Yesterday, of the4,600 bags that arrived, 2,260 were sold. Some traders said that many farmers are holding back turmeric, expecting that it will touch Rs. 8,500-9,000 a quintal in August or September. Yesterday, the price of hybrid turmeric increased by Rs. 100 a quintal and the other varieties by Rs. 150. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,369-6,429, the root variety Rs. 4,011-6,099. The yellow spice arrivals were steady, however poor quality restrained buyers from taking fresh orders. Farmers and traders are looking ahead of rainfall in major growing belts which is going to be trend setter in the commit days. The India Meteorological Department said in May month that the country may get below normal monsoon this year. In Nizamabad, a major spot market in AP, the price ended at 6004.75 rupees remains unchanged at0 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 19.18% to settled at 11245 , now Turmeric is getting support at 6303 and below same could see a test of 6229 level, And resistance is now likely to be seen at 6523, a move above could see prices testing 6669.

Trading Ideas:

Turmeric trading range for the day is 6241-6681.

Turmeric prices dropped on the account of huge stocks of low-quality produce and a drop in buying interest.

Furthermore, adequate supplies from the producing areas and lack of fresh demand from the North India also impacted the sentiments.

Spot turmeric prices ruled low in Erode markets due to lack of demand.

In Nizamabad, a major spot market in AP, the price ended at 6004.75 rupees remains unchanged at0 rupees.