Turmeric settled down by -3.99% at 8428 as monsoon rains back in southern peninsula region which may enhance turmeric production. Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period. However, deficient monsoon in August may affect turmeric production in rainfed areas. Turmeric sowing In AP, is recorded at 11,724 hectares increase over last years' acreage but below normal area of 12,275 hectares while in Telangana, 78 per cent sowing is completed at 38,990 hectares, still below the normal area 42,983 hectares as on now. At Warangal market sources reported arrivals at 100 bags, down by 50 bags from previous day's arrivals. At Nizamabad market sources reported arrivals at 600 quintals, down by 400 quintals as compared to previous day. At Erode market estimated market supply was at 6000 quintals, down by 2000 quintals as compared to previous day. Spot turmeric prices increased at Erode markets by Rs. 200-300 a quintal on the back of upcountry demand. Turmeric prices rose as the traders have received good demand from North India. Further, quality turmeric arrived for sale. Though 150 bags of Salem Hybrid Turmeric arrived for sale, one or two buyers quoting higher price procured all the bags. From next week the traders will get more orders from North India when the price may increase and some more quality turmeric will arrive for sale. In Nizamabad, a major spot market in AP, the price ended at 8459.6 rupees dropped -86.2 rupees.Technically market is under long liquidation as market has witnessed drop in open interest by -4.78% to settled at 22205, now Turmeric is getting support at 8300 and below same could see a test of 8172 level, And resistance is now likely to be seen at 8684, a move above could see prices testing 8940.

Trading Ideas:

Turmeric trading range for the day is 8172-8940.

Turmeric prices dropped as monsoon rains back in southern peninsula region which may enhance turmeric production.

Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period.

NCDEX accredited warehouses turmeric stocks gained by 99 tonnes to 12436 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 8459.6 rupees dropped -86.2 rupees.