Turmeric on NCDEX settled up by 2.61% at 7154 on forecasts of wet weather in turmeric growing areas in South which damages standing turmeric crops. Though, some gains were capped as the traders are still waiting for orders from North India. Turmeric acreage in Telangana as on 07 Sep was up 12% at 46,000 hectares as compared to 41,000 hectares last year. Sowing of turmeric is over in 93% of normal area and up by 107 % of normal sowing area. As per dept of commerce data, country exported about 32,834 tonnes of turmeric during April-June period up by 32% compared to same period last year. Turmeric area reported up due to favourable weather condition at the sowing period which likely to impact production. As per production estimates, turmeric production likely to higher by around 7.5% during current year. At Nizamabad market total arrivals are at 600 quintals, higher by 100 quintals from previous day's arrivals. At Warangal market total arrivals are at 300 bags, lower by 200 bags from previous day's arrivals. Turmeric prices showed a mixed trend with spot prices remaining unchanged. Though the price of the turmeric was increased by Rs. 200 a quintal in the Turmeric Futures, the spot turmeric price did not increase. Spot prices still remains below Rs. 8,200 a quintal. Only 1,700 bags arrived for sale and the buyers purchased all the medium variety turmeric. In Nizamabad, a major spot market in AP, the price ended at 7407.15 rupees remains unchanged at0 rupees. Technically market is under short covering as market has witnessed drop in open interest by -4.83% to settled at 14780, now Turmeric is getting support at 7008 and below same could see a test of 6864 level, And resistance is now likely to be seen at 7258, a move above could see prices testing 7364.

Trading Ideas:

Turmeric trading range for the day is 6864-7364.

Turmeric prices gained on forecasts of wet weather in turmeric growing areas in South which damages standing turmeric crops.

Though, some gains were capped as the traders are still waiting for orders from North India.

NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 7424 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7407.15 rupees remains unchanged at0 rupees.