Turmeric prices are expected trade positive in rising demand during early trading session. Arrivals of good quality fresh crop are attracting exporters as well as domestic buyers for bulk buying.
However, in lieu of rise in prices if farmers increase the supply at spot market, than it might have negative impact on prices later in the day.
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
According to derivative analysis, prices have increased while volumes and open interest have declined. It indicates that Market is running out of traders willing to open or hold an open long/buy.
Traders are liquidating both loosing short positions & closing winning long positions. A higher probability the market is set to retrace in price lower
Turmeric NCDEX Apr-12 support: 5085 5174 resistance: 5326 5373 Buy at 5210 TP 5370 SL 5080
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