Turmeric To Remain Supportive In The Near Term

Turmeric futures are likely to gather fresh buying from lower levels due to strong demand in northern mandies accompanied with poor production estimates in major producing states. Traders will initiate fresh longs from 8020-8025 levels today.

As per the market sources, northern India`s mandies have reported strong demand at current level to meet marriage season demand. Moreover, strong stockiest demand with the anticipation of weak production will also support the prices in the near term.

Traders projected that the total turmeric production is estimated at around 45-47 lakh tonnes in the current year, down 22 lakh tonnes from the last year. The major decline is mainly on the account of lower crop in Tamilnadu and Karnataka.

The NCDEX Turmeric April futures settled flat in the last trading at Rs 8068 per quintal. Technically, buying is likely to emerge from the level of 8020-8025 levels, while resistance at 8180-8210 levels in the near term.
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