Turmeric on NCDEX settled down by -0.82% at 7228 amid expectation of higher production due to forecast of better weather in south India. The demand from the industrial buyers will support the prices just before new season harvesting. On the export front, country exported about 42,923 tonnes of turmeric during April-July period up by 34.5% compared last year, as per department of commerce data. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana as on 28 Sep was up 12% at 46,000 hectares as compared to 41,000 hectares last year. Sowing of turmeric is over in 95% of normal area and up by 107 % of normal sowing area. At Duggirala market, arrivals were reported at 526 quintals, lower by 233 quintals from previous trading day. At Salem market, estimated market supply was at 1 quintal, unchanged as compared to previous day’s arrival. At Erode market sources reported arrivals at 2500 quintals, up by 1000 quintals from previous trading day. Spot turmeric prices at Erode markets edged up as buyers showed interest in quality finger turmeric. Though the arrival of turmeric bags increased, the price of the commodity did not decrease. Traders procured good quality finger turmeric for their local demand. Around more than 600 bags of good quality finger turmeric arrived for sale and all the bags were sold. Technically market is under long liquidation as market has witnessed drop in open interest by -2.83% to settled at 9630 while prices down -60 rupee, now Turmeric is getting support at 7182 and below same could see a test of 7134 level, And resistance is now likely to be seen at 7306, a move above could see prices testing 7382.

Trading Ideas:

Turmeric trading range for the day is 7134-7382.

Turmeric prices ended with losses amid expectation of higher production due to forecast of better weather in south India.

The demand from the industrial buyers will support the prices just before new season harvesting.

NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 4061 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7542.95 rupees remains unchanged at0 rupees.