Turmeric settled down by -0.84% at 8236 on late profit booking amid rainfall in growing state over last few days. As on now, turmeric sowing In AP, is recorded at 12,322 hectares increase over last years' acreage. Meanwhile, spot prices dropped due to arrival of lower quality turmeric in erode market. 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. As on 2nd Sep 2015, turmeric sowing In AP, is recorded at 12,322 hectares increase over last years' acreage and almost same as normal sowing area progress while in Telangana, only 82 per cent sowing is completed which normally should be completed as per normal schedule. As per dept of commerce data, turmeric exports during April-May, 2015 pegged at 16, 159 tonnes while the export for the 2014-15 is 90,738 tonnes compared to 78,360 tonnes in FY14. At Warangal market estimated market supply was at 100 bags, lower by 50 bags from previous day's arrivals. At Salem market estimated market supply was at 1 quintals, unchanged as compared to previous day's arrival. At Duggirala market arrivals were reported at 153 quintals, higher by 152 quintals from previous day's arrivals. At Sangli market total arrivals are at 1200 quintals, up by 200 quintals from previous day's arrivals. In Nizamabad, a major spot market in AP, the price ended at 8432 rupees gained 13.8 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 9.53% to settled at 26500, now Turmeric is getting support at 8128 and below same could see a test of 8022 level, And resistance is now likely to be seen at 8412, a move above could see prices testing 8590.

Trading Ideas:

Turmeric trading range for the day is 8022-8590.

Turmeric prices dropped on late profit booking amid rainfall in growing state over last few days.

As on now, turmeric sowing In AP, is recorded at 12,322 hectares increase over last years' acreage.

Meanwhile, spot prices dropped due to arrival of lower quality turmeric in erode market.

In Nizamabad, a major spot market in AP, the price ended at 8432 rupees gained 13.8 rupees.