Turmeric futures prices took smart recovery on fresh buying at lower levels on Thursday.
With rise in demand from up country buyers spot turmeric prices also touch Rs.5000 per quintal level after 4 months’. Thus, on cues from spot activity futures prices continued the uptrend and ended on higher note.
Outlook
Turmeric prices are expected trade positive in rising demand across the spot markets. Exporters as well as domestic bulk buyers are buying in good quantity due to the arrivals of fine quality crop. Rise in spot prices up to Rs.5000 per quintal light boost farmers and traders confidence in market.
Demand from Delhi, Bihar, Maharashtra is likely to keep prices firm in short term
Exporters are also buying good amount of fresh crop in anticipation of rise in demand (Exports till November are up by 63% Y/Y)
Minimum prices of both figure and bulb variety have improved to Rs. 4000 per quintal against Rs. 3811 per quintal at spot market
Arrivals as Erode market reported around 10000 bags (1 bag=70Kg.) including 6500 of fresh arrivals
According to derivative analysis, prices, volumes and open interest have increased. It indicates that Market is attracting larger numbers of traders willing to open positions from the long side and hold their positions
Courtesy: Karvy Commtrade Ltd.
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