Turmeric on NCDEX settled up by 0.62% at 7474 on short covering after prices dropped amid good health of new season crop in south Indian states. Further, lack of upcountry demand too fuelled the downtrend. 

Turmeric acreage in Telangana as on 17 Aug was up 15.4 % at 45,000 hectares as compared to 39,000 hectares last year. Sowing of turmeric is over in 93 per cent of normal area and up by 110 % of normal sowing area. As per market sources, production year 2015-16 started with carry-forward stocks of 1.4 lakh tonnes compared to 2.1 lakh tonnes in 2014-15.We are provide all  Agricommodity Tips, Agri Commodity Market Tips and you can call us on :-9827808090.

The consecutive back-to-back droughts in India have impacted turmeric production in 2014-15 and 2015-16. India produced 2.52 lakh tonnes of turmeric in 2015-16, lower by 15 per cent than the previous year. Production declined on account of lower acreage in Tamil Nadu and comparatively low yield in Maharashtra, Andhra Pradesh, and Telangana. 

Technically market is under short covering as market has witnessed drop in open interest by -4.01% to settled at 24295, now Turmeric is getting support at 7378 and below same could see a test of 7280 level, And resistance is now likely to be seen at 7546, a move above could see prices testing 7616.