Turmeric settled down -0.54% at 6584 on the account of huge stocks of low-quality produce following increased arrivals. Spot turmeric prices dropped by Rs. 200-300 a quintal following heavy arrivals. After four days of holidays, farmers brought 7,500 bags of turmeric expecting good demand. But only 3,800 bags were procured at lower rates. The price of the commodity rose in the turmeric prices in the morning by Rs. 100 a quintal, but the dropped. The price of hybrid finger fell by Rs. 300 a quintal, while the hybrid root variety by dropped by Rs. 100. Other local turmeric varieties slid by Rs. 200. Of the arrival of 7,500 bags, the hybrid varieties accounted for more than 3,000 bags, of which 80 per cent was sold. At the Erode Turmeric Merchants Association sales yard, finger turmeric was sold at Rs. 4,244-6,269 a quintal, root variety at Rs. 4,063-6,069. Production in 2013-14 is reported around 40 lakh bags, down by 10-15%. Exports between Apr-Dec 2013 stood at 58,000 tn, higher than 49,526 tn in Apr-Dec 2012. Sowing of Turmeric in AP for the 2014-15 season is reported at 0.075 lakh ha, as against 0.08 lakh ha last year and a normal sowing of 0.09 lakh ha. Spot turmeric prices in Erode markets despite a long weekend since demand was slack. In Nizamabad, a major spot market in AP, the price ended at 6305.55 rupees gained 21.8 rupees. Technically market is under long liquidation as market has witnessed drop in open interest by -0.98% to settled at 15670 while prices down -36 rupee, now Turmeric is getting support at 6546 and below same could see a test of 6507 level, And resistance is now likely to be seen at 6630, a move above could see prices testing 6675.

Trading Ideas:

Turmeric trading range for the day is 6507-6675.

Turmeric prices ended with losses on the account of huge stocks of low-quality produce following increased arrivals.

After four days of holidays, farmers brought 7,500 bags of turmeric expecting good demand.

Sowing of Turmeric in AP for the 2014-15 season is reported at 0.075 lakh ha, as against 0.08 lakh ha last year.

In Nizamabad, a major spot market in AP, the price ended at 6305.55 rupees gained 21.8 rupees.