Turmeric sentiments seen bullish

Weather reports continued to affect the trend for Turmeric. Reports of lower than normal monsoon had a bullish impact on the commodity.

But cloudy weather has been reported from some of the growing areas and if rains occur, that would be beneficial for the sowing of the crop. The short term trend is likely to be affected by the weather report.

Moderate demand and weak arrivals were reported in the mandis. Demand is expected to rise at the lower levels.

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Any 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