Turmeric April futures prices are expected trade slightly lower amid rising arrivals across the spot markers. According to trade sources, if supply remains above 10,000 bags for today, than it might outweigh the demand. However, lower level buying from masla companies might limit huge losses.
Rising supplies amid fresh arrival season us likely to weigh on prices
Arrivals as Erode market reported around 10000 bags against 8000 bags (1 bag=70Kg.). Despite of increased arrivals strong demand from masala buyers pushed the prices on higher side
Export activity is also remaining sluggish as buyers are waiting for further fall in [prices during peak arrivals season
According to derivative analysis, prices, volumes and open interest have declined. It is a good indication that investors had liquidating all their long positions.
Turmeric NCDEX Apr-12 support: 4505 4546 resistance: 4664 4730 Sell at 4630 TP 4510 SL 4720
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