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Turmeric on NCDEX settled flat on account of expectations of increasing production in coming harvesting season from the producing belts. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions. Prevailing high prices encouraged farmers to plant more turmeric this year. 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. India exported about 51,147 ton in 2016-17 until August which is up by 32% compared to last year in the corresponding period of 38,761 ton, as per the data released by Department of Commerce. Good number of turmeric bags arrived for sale in all the four markets at Erode, but the sales was very low. Farmers brought 3,800 bags of medium and poor quality turmeric. The traders purchased 65 per cent of the arrived stock at a lesser price. The price of the turmeric decreased by Rs. 400-650 a quintal in all the markets. At the Erode Turmeric Merchants Association, the finger variety was sold at Rs. 5,641-8,809 a quintal and the root variety at Rs. 5,541-7,955. Of the arrival of 1,273 bags, 689 were traded. In Nizamabad, a major spot market in AP, the price ended at 7533.35 rupees dropped -46.65 rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 0.76% to settled at 13215 while prices up 2 rupee, now Turmeric is getting support at 6746 and below same could see a test of 6726 level, And resistance is now likely to be seen at 6790, a move above could see prices testing 6814.
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Turmeric on NCDEX settled flat on account of expectations of increasing production in coming harvesting season from the producing belts. Turmeric output is seen higher at 7 million bags thanks to higher sowing and favorable weather conditions. Prevailing high prices encouraged farmers to plant more turmeric this year. 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. India exported about 51,147 ton in 2016-17 until August which is up by 32% compared to last year in the corresponding period of 38,761 ton, as per the data released by Department of Commerce. Good number of turmeric bags arrived for sale in all the four markets at Erode, but the sales was very low. Farmers brought 3,800 bags of medium and poor quality turmeric. The traders purchased 65 per cent of the arrived stock at a lesser price. The price of the turmeric decreased by Rs. 400-650 a quintal in all the markets. At the Erode Turmeric Merchants Association, the finger variety was sold at Rs. 5,641-8,809 a quintal and the root variety at Rs. 5,541-7,955. Of the arrival of 1,273 bags, 689 were traded. In Nizamabad, a major spot market in AP, the price ended at 7533.35 rupees dropped -46.65 rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 0.76% to settled at 13215 while prices up 2 rupee, now Turmeric is getting support at 6746 and below same could see a test of 6726 level, And resistance is now likely to be seen at 6790, a move above could see prices testing 6814.
