Turmeric on NCDEX settled up by 1.54% at 8294 on short covering amid expectation of pickup in demand from August onwards ahead of festive season in India.

 Turmeric production for the current crop year (2015-16) is estimated to be around 315,000 tons compared to the previous year production of 324,000 tons. During the 2015-16, India exported 88,500 ton turmeric as against 86,000 ton a year ago because of increased demand from Gulf countries.  

 Spot turmeric prices at Erode markets decreased as only medium variety turmeric arrived for sale. Traders purchased only 60 per cent of the arrived stock of 3,000 bags. Most of the buyers procured the turmeric to supply locally for the grinding units and masala firms. 

At the Erode Turmeric Merchants Association, the finger variety was sold at Rs. 7,790-9,099 a quintal and the root variety at Rs. 7,689-8,499.  In Nizamabad, a major spot market in AP, the price ended at 8436.5 rupees gained 93.1 rupees.

Technically market is under fresh buying as market has witnessed gain in open interest by 0.83% to settled at 22575, now Turmeric is getting support at 8166 and below same could see a test of 8038 level, And resistance is now likely to be seen at 8376, a move above could see prices testing 8458.