Turmeric on NCDEX settled down by -0.32% at 6934 amid reports of good production from new season crops. Currently the supplies are for medium and poor quality in December till new crop arrives. On the export front, country exported about 51,147 tonnes of turmeric during April-August period up by 32% compared last year, as per government 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 and Andhra Pradesh was higher this year as compared last year. At Duggirala market sources reported arrivals at 1632 quintals, up by 1477 quintals as compared to previous day. At Salem market, sources reported arrivals at 1 quintals, steady as against previous day's arrival. The arrival of turmeric bags for sale has decreased. The arrival of turmeric decreased to 700 bags, but only medium and poor quality turmeric arrived for sale. The price of the commodity did not improve. Many traders procured medium quality turmeric and few traders, who have received fresh orders from North India, purchased medium quality turmeric and dispatched the same. 65 per cent of the arrived turmeric bags were sold. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs. 5,641-8,734 a quintal; the root variety at Rs. 5,114-8,119. In Nizamabad, a major spot market in AP, the price ended at 7640 rupees gained 10 rupees. Technically market is under fresh selling as market has witnessed gain in open interest by 1.95% to settled at 6790 while prices down -22 rupee, now Turmeric is getting support at 6904 and below same could see a test of 6874 level, And resistance is now likely to be seen at 6972, a move above could see prices testing 7010.

Trading Ideas:

Turmeric trading range for the day is 6874-7010.

Turmeric dropped amid reports of good production from new season crops.

Currently the supplies are for medium and poor quality in December till new crop arrives.

NCDEX accredited warehouses turmeric stocks dropped by 50 tonnes to 2269 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7640 rupees gained 10 rupees.