MUMBAI (Commodity Online): Low rainfall activities and some improved demand in the mandis provided support to the rates. The monsoon factor continued to affect the sentiments and expectations of rains in AP can keep pressure on the prices. Possibilities of adverse crop report due to an overall weak monsoon can keep the medium term trend bullish for the commodity.
As per Spice board of India, 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, an increase of 17% in volume and 52% in value.
Any change in the monsoon reports could change the market sentiments in the short term. Medium term trend would depend on sowing aspects.
Start trading in commodities from as low as $50. Join now Reports of lower crop estimates and lower carryover stock can provide support to the prices in the medium term. Export demand from Gulf and mid-east countries likely to fall in coming days.
Courtesy: Religare Commodities
