MUMBAI (Commodity Online): Turmeric futures extended uptrend this week on thin supply in the domestic markets amid and on hopes of state government buying turmeric to curb higher prices.
Turmeric futures in NCDEX on Wednesday expected to open higher due to extended buying by the traders on the back of rising physical demand amid limited arrivals.
Fresh orders from upcountry buyers are resulting in heavy buying from traders at spot market of Erode. Good quality of fresh crop variety is also attracting exporters resulting in higher prices quoted by traders.
Turmeric prices in the intraday are expected to remain firm due improved buying by the market participants. In the medium to long term (February last week onwards to April 2012) prices are expected to witness selling pressure owing to fresh arrivals from the domestic market, according to an analysts with Angel Commodities.
As per data released by Spices board, Turmeric exports during Apr-Nov, 2011 cross the target of 58,00 tones (2011-12); indicating strong export demand.
As per Spices Board data, international price of Turmeric in New York market remained unchanged to $5.62 per kg during the week ended February3, 2011 lower from $5.29 per kg quoted in the same period last year.
