Today Turmeric Market Update

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Turmeric on NCDEX settled up by 3.33% at 7134 on forecast of heavy rains in turmeric growing areas. Further, expectation of pickup in demand for old crops ahead of festival season too fuelled the uptrend. India's turmeric output in 2016-17 (Jul-Jun) is expected to rise because of better rainfall this season in key growing areas such as Maharashtra, Telangana, Karnataka and Tamil Nadu, report added.

Traders are expecting turmeric production in Maharashtra to be around 1.2-1.5 million bags (Each bag of 70 kgs) as against 0.8- 1 million bags in the previous year. According to Andhra Pradesh Agriculture Department, area under turmeric in the state as of Sep 21 stood lower at 14,304 hectares against 15,405 hectares last year. \

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Trading Ideas:

Turmeric trading range for the day is 6806-7322. 

Turmeric prices gained on forecast of heavy rains in turmeric growing areas. India's turmeric output in 2016-17 (Jul-Jun) is expected to rise because of better rainfall this season in key growing areas. 

NCDEX accredited warehouses turmeric stocks dropped by 20 tonnes to 5784 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7482.85 rupees gained 31.4 rupees.

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