Turmeric ends down on reduced offtakes

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Spot prices at Nizamabad and Erode traded steady to slightly lower on account of better arrivals amidst reduced offtakes on Thursday. Futures traced the spot prices and ended 1.16% lower yesterday.
Arrivals and Production
Arrivals in Erode and Nizamabad mandi were around 24000 bags and 4000 bags yesterday as compared to 18,000 bags and 5000 bags respectively on Wednesday.
Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag= 70 kgs) compared to 48 lakh bags during the previous year.
Outlook
Turmeric prices in the intraday will trade sideways to up on account of improved demand from the local stockists. Price trend in the short term are likely to depend on the arrivals and demand from the overseas and domestic buyers.
In the medium to long term turmeric prices may trade bearish due to increase in the arrivals owing to better production.

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-ends-down-on-reduced-offtakes-22489.html)

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