Turmeric prices are expected trade slightly lower on profit booking during early trading session. However, overall trend at spot front is still positive amid good demand of fresh crop which might support the prices to recover in later hours.
Exporters are also buying good amount of fresh crop in anticipation of rise in demand (Exports till November are up by 63% Y/Y)
Stable to good demand from up country buyers might also support the prices for short term prices of both figure and bulb variety have crossed to Rs. 5000 per quintal at spot market after 4 months
According to derivative analysis, prices and open interest have declined while volumes have increased. It indicates that market is running out of traders who are willing to hold open positions
Turmeric NCDEX Apr-12 support: 4907 5014 resistance: 5321 5490 Sell at 5160/80 TP 4940 SL 5310
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