Turmeric on NCDEX settled down -0.2% at 7986 on expectation of rising turmeric sowing area in growing regions following good monsoon in current year. In Telangana State, Turmeric sowing reported, around 17784 hectares as compared to last year same period 19682 hectares, normal in season 48083 hectares. 

 In Andhra Pradesh, Turmeric sowing complete around 287 hectares as compared to last year 781 hectares. Good monsoon in current year expected increasing Turmeric sowing area in growing regions. About 3,000 bags of turmeric were sold at Erode markets. Nearly 4,500 bags of the spice arrived for sale and 70 % of the stocks were sold.

But the price decreased in the futures and this has made no impact on spot prices. Only 300 bags of local hybrid variety turmeric arrived for sale and all the bags were sold. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs. 7,354-9,100 a quintal; the root variety Rs. 7,299-8,410. Of the arrival of 1,113 bags, 594 were sold. However, due to quality supplies and a continuous drop in local prices, exports in the first four months of 2016 were up 10.5 % to 29,807 tonnes against previous year’s 26, 974 tonnes.

Turmeric demand from traders and stockists will pick up in coming months as exports gather pace during June-July. Technically market is under fresh selling as market has witnessed gain in open interest by 4.77% to settled at 24505 while prices down -16 rupee, now Turmeric is getting support at 7927 and below same could see a test of 7867 level, And resistance is now likely to be seen at 8031, a move above could see prices testing 8075.

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