Sharp rally is seen in the Turmeric prices. Better demand at the lower levels provides support to the price for Turmeric. Traders however expect some more fall in rates in the short term for the demand to pick up.
Reports on weather remained critical for determining the short term trend. Rains would be critical for the sowing aspect as that takes place with the onset of monsoon in June.
Demand and arrivals in the mandis remained weak as a weak Dollar affected the exports. Traders do expect demand to rise at the lower levels.
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Lower arrivals and reports of low stocks provided support to the rates.
Reports of lower crop estimates and lower carryover stock can provide support to the prices in the medium term.
Courtesy: Religare Commodities
