Turmeric Prices Expected To Trade Sideways

The most active Apr’16 turmeric futures closed higher yesterday on good demand, forecast of lower production and good exports data. There is concern over production due to heavy rains during Nor-Dec in south India. The Future contract for April delivery at NCDEX closed higher by 1.05% at Rs 10,612 per quintal. Heavy rains in south peninsula during November and early December may damage turmeric crop in Tamilnadu and some parts of Karnataka.

Turmeric prices expected to trade sideways to down as market participants may look to book profit at higher levels but concern over production due to bad weather in producing states will support prices. Farmers are expecting higher prices and want to hold it as persistent rains during November in south may damage the quality of turmeric.

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