Turmeric can only go one way now, upwards

Turmeric futures continued to hit maximum upper limits and ended at 4 percent circuit. The active contract November NCDEX made new high of Rs11166 and closed at day’s high. The spot prices at Nizamabad rose to Rs12000 per quintal on lack of selling from stockiest.

Outlook

Turmeric prices across spot markets are trading at all time high of Rs12000 per quintal

Traders and stockiest are not willing offload their stocks till next crop on anticipation of further rise in prices in coming days

Lower stocks and firm demand supporting bull-run in turmeric prices

However, arrival of new crop from February onwards may restrict rise in prices in 2010

For the day ahead, turmeric prices are expected to move up further on strong spot prices

Courtesy: JRG Wealth Management

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