Turmeric on NCDEX settled up by 0.97% at 7732 tracking firmness in spot demand after improved rains in Turmeric growing areas. The production estimate of turmeric for 2016/17 is pegged at 11.32 lakh tonnes by government in 3rd advance estimate higher from 9.43 lakh tonnes in 2015/16. For 2017/18, turmeric sowing in Telangana, as on 16th August, down 1% to 44,411 hectares as compared to last year acreage of 44,919 hectares. Turmeric production for the next season is estimated to be as good as last season with the producing regions in southern India experiencing good rainfall in the past few weeks. 

Sowing of the commodity was last seen marginally lower than the preceding year but the higher rainfall is expected to boost the yield. India is the largest turmeric producer with 75-80% of the global production and demand for the commodity has been increasing rapidly from the medicinal and cosmetic industry.

Trading Ideas:

* Turmeric trading range for the day is 7482-7878.

* Turmeric ended with gains tracking firmness in spot demand after improved rains in Turmeric growing areas.

* The production estimate of turmeric for 2016/17 is pegged at 11.32 lakh tonnes by government in 3rd advance estimate higher from 9.43 lakh tonnes.

* NCDEX accredited warehouses turmeric stocks gained by 512 tonnes to 5023 tonnes.

* In Nizamabad, a major spot market in AP, the price ended at 7767.65 Rupees gained 80.9 Rupees.

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