Turmeric on NCDEX settled down -0.19% at 8272 on late profit booking after prices gained due to the arrival of medium and good quality turmeric from the producing belts. Further, receipt of some fresh upcountry orders limited the downside. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week.
In Telangana State, Turmeric sowing reported, around 21028 hectares as compared to last year same period 25516 hectares, normal in season 48083 hectares.In Andhra Pradesh, till now Turmeric sowing complete around 2522 hectares as compared to last year 2638 hectares. Normal area in season around 19059 hectares. Spot turmeric prices at Erode remained in upward trend at Erode.
At the Erode Turmeric Merchants Association, the finger variety was sold at Rs. 7,644-9,569 a quintal and the root variety Rs. 7,489-8,599. Of the arrival of 1,819 bags, 1,373 were sold. As per dept of commerce data, turmeric exports in April 2016 increased by 27% compared to last year at 9,135 tonnes.
In 2015-16, 85,426 tonnes exported compared to 90,738 tonnes in 2014-15. Technically market is under long liquidation as market has witnessed drop in open interest by -0.17% to settled at 20565 while prices down -16 rupee, now Turmeric is getting support at 8211 and below same could see a test of 8151 level, And resistance is now likely to be seen at 8331, a move above could see prices testing 8391.