Turmeric on NCDEX settled down by -3.44% at 7402 on profit booking after prices gained on good physical demand from upcountry buyers and stockists as Telangana, highest producing turmeric state, has received large deficient rains (-48% LPA) last week. In Telangana, turmeric acreage seen up 14.3% to 24,000 hectares as compared to last year acreage of 21,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. As per data, about 8,627 tonnes arrived in first 15 days in July compared to 10,703 tonnes in previous fortnight. 

As per the data release by government, turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period. The price of spot turmeric has increased. The arrival of good quality turmeric along with medium varieties, saw buyers purchase quality turmeric for a higher price.

Trading Ideas:

* Turmeric trading range for the day is 7184-7756.

* Turmeric ended with losses on profit booking after prices gained on good physical demand from upcountry buyers and stockists.

* In Telangana, turmeric acreage seen up 14.3% to 24,000 hectares as compared to last year acreage of 21,000 hectares.

* NCDEX accredited warehouses turmeric stocks dropped by 45 tonnes to 6584 tonnes.

* In Nizamabad, a major spot market in AP, the price ended at 7500 Rupees gained 173.1 Rupees.

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