Turmeric on NCDEX settled down by -0.12% at 6744 amid commencement of new crop supplies in the markets of Erode, Nizamabad and Duggirala. According to trade sources turmeric output is expected to be around 600,000 ton. Retailers are buying as per their requirement while bulk buyers are waiting for further fall in prices. Turmeric crop is in good condition and production is expected to be higher next season. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favourable weather conditions. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. India exported about 51,147 ton in 2016-17 until August which is up by 32% compared to last year in the corresponding period of 38,761 ton, as per the data released by commerce ministry. At Warangal market estimated market supply was at 150 bags, up by 50 bags from previous day’s arrivals. At Duggirala market estimated market supply was at 2 quintals, lower by 1204 quintals as against previous day. Spot turmeric prices decreased at Erode markets due to the arrival of poor and medium quality turmeric. Many traders purchased 65 per cent of the arrived 4,300 bags to fulfil their local traders. Only old turmeric is arriving for sale in all the markets. In Nizamabad, a major spot market in AP, the price ended at 7384.2 rupees dropped -11.65 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 0.23% to settled at 13255 while prices down -8 rupee, now Turmeric is getting support at 6722 and below same could see a test of 6698 level, And resistance is now likely to be seen at 6780, a move above could see prices testing 6814.
# Turmeric trading range for the day is 6698-6814.
# Turmeric prices dropped amid commencement of new crop supplies in the markets of Erode, Nizamabad and Duggirala.
# Turmeric crop is in good condition and production is expected to be higher next season.
# According to trade sources turmeric output is expected to be around 600,000 ton.
# In Nizamabad, a major spot market in AP, the price ended at 7384.2 rupees dropped -11.65 rupees.
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