Commodity NCDEX Turmeric bearish, likely to trade down in near term

 Over all trend for turmeric NCDEX with in september future delivery is looking negative and likely to trade down in near term as well. Support is seen at 6440 and other hand 6719 resistance for long term.Turmeric dipped 0.7% to Rs 6448 per quintal at 11.30hrs.

The demand for yellow spice in the spot market is low due to absence of buying activity. Around 80% of the supplies coming to market contain inferior variety, hurting the trade activity. The prices are also driven by huge carry-over stocks and higher acreage in Telangana.