MUMBAI (Commodity Online): Continuing bearishness due to the revival of monsoon in the growing regions kept the turmeric futures out of green line in the domestic futures market on Thursday as traders indulged in selling.
NCDEX September contract currently quoted down near the session low at Rs 7443 per 100 kg and the open interest in the contract dropped 3.31 percent to 11,980 lots, indicating long liquidation.
Turmeric prices (NCDEX September 09 Contract) closed at Rs.7,3222/qtl lower than Tuesday’s close of Rs. 7,632/qtl.
Prices closed below its 10-Day but above its 20-Day EMA indicating sideways to up trend. If, prices trade above Rs.7,720/qtl prices may touch Rs.8,000/qtl in the coming days.
Trade sitting at the comfort of home. Start with a mere 50$Revival of rains in the turmeric growing areas such as Nizamabad, Duggiralla and Warangal has led the farmers a hope for better production in 2010. However, lower stocks may control the prices from falling sharply down.
Prices at the futures after making a low of Rs.7,170/qtl are trading in rangebound manner with no clear fundamentals at the domestic.
Sowing of turmeric which is almost over in all the growing regions require water. According to the earlier estimates turmeric production is expected to be better at around 55 lakh bags. This may dampen the prices in the long term (mid of November).
