Turmeric on NCDEX settled down by -0.58% at 7154 because of better crop prospects and amid new crop will pour in the market. Expectations of increasing production in coming harvesting season and lowering export demand in recent months also weighing on prices. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. 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. At Salem market, estimated market supply was at 1 quintals, unchanged as compared to previous day's arrival. At Sangli market, arrivals were reported at 500 quintals, up by 500 quintals as compared to previous day. Spot prices of turmeric at Erode markets did not increase despite a dip in arrivals. Some traders expected good quality arrival and also they expected arrival of about 5,000 bags. But only 400 bags arrived for sale and 60 per cent stocks were sold. The price of the root variety increased by Rs. 150-250 and that of the finger variety decreased by Rs. 200-250 a quintal in all the markets. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs. 7,679-8,577 a quintal; the root variety at Rs. 6,915-7,655. Of the arrival of 130 bags, 52 were traded. In Nizamabad, a major spot market in AP, the price ended at 7546.85 rupees gained 63.55 rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 9.63% to settled at 9620 while prices down -42 rupee, now Turmeric is getting support at 7096 and below same could see a test of 7040 level, And resistance is now likely to be seen at 7224, a move above could see prices testing 7296.

Trading Ideas:

Turmeric trading range for the day is 7040-7296.

Turmeric dropped because of better crop prospects and amid new crop will pour in the market.

Expectations of increasing production in coming harvesting season and lowering export demand in recent months also weighing on prices.

NCDEX accredited warehouses turmeric stocks dropped by 55 tonnes to 3033 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7546.85 rupees gained 63.55 rupees.