Last Updated : March 15, 2010 13:00
Turmeric may remain firm on local offtakes
Fundamental Analysis
Turmeric prices in short term may remain firm due to better offtakes by the local stockists.
Demand from the local stockists ahead of wedding season and lower availability of turmeric in the domestic market may control the prices from falling sharply down in the short term (15-20days).
Prices in the far month contract in the short term (till March) may depend on the fresh arrivals and demand from the domestic and overseas market. In the medium to long term prices are likely to trade in sideways to down manner due to fresh turmeric arrivals in the domestic mandis (April onwards).
Technical Analysis
Prices closed above its 10-Day and its 20-Day EMA indicating upward trend.
14-Day RSI is at 76.2 and is trading in the overbought region.
MACD is trading in the positive territory.
Outlook
Turmeric prices in the intraday may trade in sideways to up manner due to buying by the local stockists. Prices may recover in short term if domestic buying from stockists is present in good quantity. In the long to medium term (April onwards) prices may take cues from the turmeric arrivals and demand from the domestic and overseas market.
Courtesy: Angel Commodities
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