Turmeric on NCDEX settled down -0.96% at 6842 due to lack of fresh upcountry demand at the spot market. Further, heavy arrivals from the producing belts too added pressure on turmeric prices. Turmeric area likely to increase current year as compared to last year. 

 In major growing states like Telangana, Andhra pradesh, Maharashtra etc sowing area reported up. As per market sources, production year 2015-16 started with carry-forward stocks of 1.4 lakh tonnes compared to 2.1 lakh tonnes in 2014-15. The consecutive back-to-back droughts in India have impacted turmeric production in 2014-15 and 2015-16.

                                                    India produced 2.52 lakh tonnes of turmeric in 2015-16, lower by 15 per cent than the previous year. Production declined on account of lower acreage in Tamil Nadu and comparatively low yield in Maharashtra, Andhra Pradesh, and Telangana. This makes the total supply for 2015-16 at 3.57 lakh tonnes against the consumption demand of 3.46 lakh tonnes, leaving stocks of mere 0.11 lakh tonnes compared to 1.4 lakh tonnes in 2014-15, down by over 90%.

Technically now Turmeric is getting support at 6781 and below same could see a test of 6721 level, And resistance is now likely to be seen at 6921, a move above could see prices testing 7001.  For More Information Free Stock Tips, Mcx Tips, Commodity Market Tips, Intraday Trading Tips, Free Equity Tips on Mobile and you can call us on :-9827808090.