MUMBAI (Commodity Online): Turmeric trend remained sideways on Wednesday. With clearer skies prevailing in AP and other growing areas, sentiments remained slight bullish. But any revival of monsoon can pressurize the market sentiments in the short term.
Traders also do not rule out some profit booking at higher levels as some fall in demand is noted at the higher levels.
Late revival of monsoon in growing areas like AP and TN had earlier brightened prospects of improved crop productivity which had been adversely affected by drought like situation the previous months. This kept pressure on Turmeric rates last week. But lower stocks and good domestic and export demand is likely to support the prices.
Trade commodities or equities from across the globe. Join Now Reports of lower crop estimates and lower carryover stock can support the prices in the medium term. Latest reports from traders indicate current stock levels of ~9 lakh bags and production of ~55 lakh bags.
Courtesy: Religare Commodities
