Turmeric April futures prices are expected trade on positive note on cues from positive spot market activity.
Balanced supply and demand across the spot market is boosting farmers’ confidence. Good bulk buying from upcountry buyers and local masala companies is likely to support uptrend.
Exporters are also buying good amount of fresh crop in anticipation of rise in demand. Prices of fresh crop is now quoting in the range of Rs.3811-4698 per quintal against Rs. 2500-3500 per quintal quoted during last week.
Arrivals as Erode market reported around 5000 bags against 9000 bags (1 bag=70Kg.).
However, traders are expecting that supply will increase by Feb end amid peak arrival season which might have negative impact on prices in near term.
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 them. Traders are more confident that prices will continue to climb in favor of a working long.
Turmeric NCDEX Apr-12 support:4637 4649resistance:4681 4698 Trading Range : 4580-4720
Courtesy:Karvy Comtrade Ltd.
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