Turmeric weakens on weak domestic demand

0
249

Turmeric spot prices at Nizamabad and Erode were quoted at lower rates due to weak demand from the local stockists and overseas buyers. Prices at spot market as well as futures settled 0.19% and 0.22% lower on Thursday.
Production Arrivals and Exports

Arrivals at the Erode and Nizamabad mandi stood at 18,000 bags and 9,000 bags respectively on Thursday. This is higher by around 2,000 bags and 1,000 bags compared to previous day.
Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag— 7o kgs) compared to 48 lakh bags during the previous year.
Outlook

Turmeric prices in the intraday will trade sideways due to reduced offtakes by 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.
Courtesy: Angel Commodities

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-weakens-on-weak-domestic-demand-23480.html)

LEAVE A REPLY

Please enter your comment!
Please enter your name here