Turmeric on NCDEX settled down -1.01% at 6892 as there are reports of good production from new season crops as the harvesting begins in the next month. 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. The arrival of turmeric to Erode markets increased. After a few months, the price of the spice touched Rs. 9,000 a quintal today and 1,300 bags arrived for sale and 80 per cent was sold. The price of the finger variety increased by Rs. 200-400 a quintal and that of the root variety by Rs. 50-200. At the Erode Turmeric Merchants Association, the finger turmeric traded at Rs. 5,531-9,088 a quintal; the root variety Rs. 5,314-8,008. Of the 608 bags offered, 299 were sold. After a severe drought and a subsequent good monsoon, farmers have cultivated turmeric in around 30,000 acres across the Nizamabad. Technically market is under fresh selling as market has witnessed gain in open interest by 0.84% to settled at 7195 while prices down -70 rupee, now Turmeric is getting support at 6858 and below same could see a test of 6824 level, And resistance is now likely to be seen at 6948, a move above could see prices testing 7004.

Trading Ideas:

Turmeric trading range for the day is 6824-7004.

Turmeric prices dropped as there are reports of good production from new season crops as the harvesting begins in the next month.

On the export front, country exported about 51,147 tonnes of turmeric during April-August period up by 32% compared last year.

Technically market is under fresh selling as market has witnessed gain in open interest by 0.84% to settle at 7195.

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