Turmeric April contract is likely to trade bullish for both short term and intra day with short term support at 8450 and resistance at 9370.: Turmeric April futures
traded on positive note on Friday at India's National Commodity& Derivatives Exchange(NCDEX) on good demand from the north India as supplies for the good quality turmeric reduce. Turmeric April contract gained 0.9 per cent to 8960 levels on Friday(11.30am) at NCDEX. There is news on crop damage from the Karnataka and Andhra Pradesh(AP).
A fall in sowing area in Tamil Nadu(TN) and Karnataka due to cyclone in October amidst delayed Monsoon could affect production adversely, as per market sources. Even as area in AP goes up, overall production is expected to come down, lending medium term support to prices The demand is expected to pick up in coming days, lending some support to the prices. Traders anticipate prices are at very low levels and further down trend may be limited. Last year production was low due to crop damage reports from AP and TN but stock levels from earlier years are high. As per reports from Spice Board of India, the estimated exports of Turmeric during April-September 2014 was pegged at 43000 MT, up by 10% same period previous year in quantity and 15% in value terms, same period in 2013.
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