Turmeric Likely To Dip Further On Higher Stocks, Weak Demand

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Turmeric futures slipped for the third day on higher stocks and weak demand. The NCDEX turmeric for the December delivery ended the day at Rs 4698, down Rs 66 or 1.39% from last close. The yellow spice is likely to fell further on strong stock levels and waning demand.

The total carryover stocks of turmeric in major mandies were reported higher at 65 lakh bags as on 11th October 2013, up almost 11 lakh bags from the last year in the same period. The favorable weather conditions in major turmeric growing states like Andhra Pradesh and Karnataka will encourage the productivity of the turmeric crop in the current year.

The counter slumped in the last consecutive sessions triggered by higher stocks and hopes of strong productivity. The counter touched fresh lows of Rs 4672 and ended the day at Rs at Rs 4698, down Rs 66 or 1.39% from last close. Technically, the counter is likely to find support at Rs 4660, Rs 4590 and resistance at Rs 4740, Rs 4780 level.

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