MUMBAI (Commodity Online): On the heels of anticipation that the stock will deplete in the spot market and the better demand, the Turmeric futures traded sharply higher on Tuesday.

NCDEX turmeric April contract on gained four percent at Rs 10425 and the open interest dipped 0.32 percent to 15260 tonnes, indicating short covering. The counter now quotes at Rs 10,404 level.

Speculative buying is pushing up the commodity higher and technically futures are at extreme overbought zone. The technical indicator, 14-day RSI is at 81.60.

Trade sitting at the comfort of home. Start with a mere 50$

Turmeric prices in short term may remain firm due to better offtakes by the local stockists. Demand from the local stockists ahead of wedding season and lower availability of Turmeric in the domestic market may control the prices from falling sharply down in the short term (15-20days).

Prices in the far month contract in the short term (till March) may depend on the fresh arrivals and demand from the domestic and overseas market. In the medium to long term prices are likely to trade in sideways to down manner due to fresh turmeric arrivals in the domestic mandis (April onwards).

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook