Turmeric settled down -0.09% at 6852 on the heels of large stocks from the old crop amid sluggish local demand, while the approaching new season supply. The sentiments also weakened as the demand for exports is moderate but local buying is very weak. The new turmeric crop is expected to arrive in Erode markets before the end of the week. Though growers did not get remunerative price for their produce last year following poor sales, they have raised turmeric in large tracts of land. Fresh Number 8 variety turmeric will arrive for sale in a day or two. Last year, due to the adverse weather conditions the area under turmeric declined. But many farmers sunk bore wells and cultivated turmeric to fetch a better price. If the fine variety arrives for sale, traders will quote a higher price. Farmers were hoping that prices will increase and at least 75 per cent of the produce on offer would be bought. So, they brought 2,500 bags. Traders also quoted higher price, though only medium and poor quality were on offer. Only 45 per cent of the offerings was bought. In Nizamabad, a major spot market in AP, the price ended at 5853.1 rupees gained 57.3 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 1.9% to settled at 13385 while prices down -6 rupee, now Turmeric is getting support at 6740 and below same could see a test of 6628 level, And resistance is now likely to be seen at 6946, a move above could see prices testing 7040.

Trading Ideas:

Turmeric trading range for the day is 6623-7035.

Turmeric prices ended with losses on the heels of large stocks from the old crop amid sluggish local demand.

The sentiments also weakened as the demand for exports is moderate but local buying is very weak.

The new turmeric crop is expected to arrive in Erode markets before the end of the week.

In Nizamabad, a major spot market in AP, the price ended at 5853.1 rupees gained 57.3 rupees.