Turmeric on NCDEX settled down by -0.62% at 8274 on slack upcountry orders at the spot market. Further, arrival of medium and poor quality turmeric from the producing belts too fuelled the downtrend.

Spot turmeric prices remained unchanged at Erode markets on slack upcountry orders. Arrival was at 5,300 bags and only medium and poor quality turmeric arrived for sale. No Salem Hybrid variety turmeric arrived for sale. Totally 70% stocks were sold. As usual, the buyers were keen in procuring only the quality turmeric. All the 300 bags of local hybrid variety turmeric were sold.

At the Erode Turmeric Merchants Association, the finger variety was sold at Rs.7,458-9,400 a quintal the root variety Rs.7,319-8,544. In Nizamabad, a major spot market in AP, the price ended at 8514.45 rupees dropped -80.55 rupees.

Technically market is under fresh selling as market has witnessed gain in open interest by 9.06% to settled at 18960 while prices down -52 rupee, now Turmeric is getting support at 8244 and below same could see a test of 8212 level, And resistance is now likely to be seen at 8324, a move above could see prices testing 8372.