Turmeric on NCDEX settled up by 1.64% at 7058 amid fears of fall in output in Tamil Nadu. However upside seen limited thanks to reports of higher output. According to trade sources, turmeric output is expected to be over 600,000 tonne. Turmeric prices to remain under pressure with arrivals improving and continued the stockiest selling, however, steady export demand to limit the price fall. There are reports of some damage to turmeric crop in Tamil Nadu due to dry weather. India exported about 51,147-tonne turmeric during Apr-Aug 2016-17 up by 32% on year, as per the data released by commerce ministry. The price of the spot turmeric increased slightly on Thursday. Around 2000 bags of turmeric arrived for sale and 70 percent stock was sold. At the Erode Turmeric Merchants Association sales yard the finger turmeric sold at Rs. 5,822 to Rs. 8,529 a quintal, root variety sold at Rs. 5,384 to Rs. 7,990 a quintal. Of the arrived 1,423 bags only 803 bags were sold. At the Regulated Marketing Committee the finger turmeric sold at Rs. 7,238 to Rs. 8,438 a quintal, root variety sold at Rs. 7,168 to Rs. 7,989 a quintal. Of the arrival of 642 bags of turmeric 545 bags of turmeric was sold. At Warangal market, sources reported arrivals at 100 bags, steady as against previous day’s arrival. At Nizamabad, market arrivals were reported at 4000 quintals, up by 2600 quintals as against previous day. In Nizamabad, a major spot market in AP, the price ended at 7434.2 rupees gained 109.2 rupees. Technically now Turmeric is getting support at 6986 and below same could see a test of 6916 level, And resistance is now likely to be seen at 7102, a move above could see prices testing 7148.

Trading Ideas:

# Turmeric trading range for the day is 6916-7148.

# Turmeric prices ended with gains amid fears of fall in output in Tamil Nadu.

# However upside seen limited thanks to reports of higher output.

# India exported about 51,147-ton turmeric during Apr-Aug 2016-17 up by 32% on year, as per the data released by commerce ministry.

# In Nizamabad, a major spot market in AP, the price ended at 7434.2 rupees gained 109.2 rupees.