Turmeric on NCDEX settled down by -0.3% at 6734 on expectations of increase in production in coming harvesting season at the producing belts. The new crop is of medium quality which is fetching lower prices. On the export front, country exported about 51,147 tonnes of turmeric during April-September period, up by 27% to 58,233 tonnes 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. 

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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. At Nizamabad market arrivals were reported at 2000 quintals, higher by 800 quintals as against previous day.

                     Trading Ideas

1. Turmeric trading range for the day is 6700-6780.

2. Turmreic prices dropped on expectations of increase in production in coming harvesting season at the producing belts.

3. The new crop is of medium quality which is fetching lower prices.

4. At Nizamabad market arrivals were reported at 2000 quintals, higher by 800 quintals as against previous day.

5. In Nizamabad, a major spot market in AP, the price ended at 7450 rupees dropped -50 rupees.