Turmeric settled down -0.41% at 6386 on increased supplies from producing belts against huge carryover stocks. Further, expectations of revival of monsoon coupled with weak demand in the physical markets on the back of poor quality crop arrivals also limited the upside. Spot turmeric prices slipped due to absence of upcountry orders. The farmers brought only 2,600 bags of turmeric for sale. Of this, 1,290 bags were sold, mostly procured by stockists. The traders are waiting for upcountry orders so they are quoting prices very cautiously, buying very limited stocks to cater their committed masala firm orders.

However, the prices of hybrid finger turmeric were raised by Rs. 200 a quintal. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs. 4,199-6,417 a quintal; the root variety Rs. 4,009-6,299. 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.

As per market sources, fresh arrivals of around 15-20 thousand bags of new turmeric have been reported in the major producing states such as Karnataka , Maharashtra and Andhra Pradesh. 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 6.99% to settled at 12170 while prices down -26 rupee, now Turmeric is getting support at 6317 and below same could see a test of 6233 level, And resistance is now likely to be seen at 6481, a move above could see prices testing 6561.

Trading Ideas:

Turmeric trading range for the day is 6229-6557.

Turmeric prices dropped on increased supplies from producing belts against huge carryover stocks.

Expectations of revival of monsoon coupled with weak demand on the back of poor quality crop arrivals also limited the upside.

The farmers brought only 2,600 bags of turmeric for sale.

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