Turmeric on NCDEX settled down by -2.9% at 8048 due to profit booking after prices gained on expectation of lower arrivals and good upcountry demand. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week Turmeric acreage in Telangana as on now was around 30,000 hectares as compared to 31,000 hectares last year. The acreage is lower compared to normal. In Andhra Pradesh, till now Turmeric sowing complete around 2522 hectares as compared to last year 2638 hectares.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.21% to settled at 19215 while prices down -240 rupee, now Turmeric is getting support at 7904 and below same could see a test of 7760 level, And resistance is now likely to be seen at 8260, a move above could see prices testing 8472.   

                           Trading Ideas  

1. Turmeric trading range for the day is 7760-8472.              
2.   Turmeric acreage in Telangana as on now was around 30,000 hectares as compared to 31,000 hectares last year.             
3. As per dept of commerce data, turmeric exports in April 2016 increased by 27% compared to last year at 9,135 tonnes.               
4. In Nizamabad, a major spot market in AP, the price ended at 8422.6 rupees dropped -56.8 rupees.