Turmeric prices are expected to continue the down trend on rising arrivals at spot market amid peak arrivals season.
Due to prevailing uncertainty in prices north Indian buyers are not placing orders which is keeping buying activity limited at spot front, thereby pressurizing turmeric prices at both spot and futures front.
According to trade sources, farmers need money for harvesting of rest crop therefore, they are ready to sell crop at lower levels
Arrivals at spot market of Erode were reported around 18,000 bags (1 bag=70kg.) while only 50% of arrivals get sold; indicating poor buying interest from traders
Rising arrivals along with falling prices are keeping bulk buyers away from market (Production estimates: 82 Lakh bags v/s 68 lakh bags)
Exporters have not received fresh orders now and they are expecting March 10th they will get order till then they are not interested in bulk buying
Turmeric NCDEX Apr-12 support: 4605 4646 resistance: 4771 4843 Sell at 4760 TP 4600 SL 4840
Looking for Agri Research? Visit research.commodityonline.com
