Commodity Online MUMBAI: Market lacks major participation and prices are trading sideways for the last few days. Prices are trading in approximately 100 rupee range for the last 10 days indicating that traders are waiting for clear monsoon report.
Monsoon has advanced further and good rains have been seen in south India which may restrict the upside movement.
As per the Spice board of India, the export of Turmeric during April-May 2009 has been 10,500 MT valued Rs.64.50 crores as against 9,010 MT valued Rs.35.40 crores in April-May 2008, registering an increase of 17% in volume and 52% in value.
Moderate demand and weak arrivals were reported in the mandis. Demand is expected to rise at the lower levels.
Explore Commodity Online Mobile ServicesAny change in the monsoon reports could change the market sentiments for Turmeric in the short term. Medium term trend would depend on the sowing aspects.
Reports of lower crop estimates and lower carryover stock can provide support to the prices in the medium term.
Courtesy: Religare Commodities
