Turmeric tumbles on extended selling

Turmeric futures continued the rally on consecutive 3rd session Wednesday. Futures started the day on higher note on extended fresh buying.
Good demand at spot from bulk buyers supported the prices and futures ended the day on positive note.
Outlook
The turmeric futures are projected to continue the uptrend on active buying on Thursday. Good demand from upcountry buyers might support the upside. However, prices are likely to take sharp corrections on profit booking at higher levels during later in the day.
Arrivals at spot market of Erode were around 8000-9000 bags. Nizamabad market was closed yesterday due to Telangana Agitation.
Heavy rains in Nizamabad region are further supporting the upside in prices.
Traders are receiving good orders from north Indian buyers which is likely to support the upside in prices.
As per trade sources, turmeric production in 2011 is estimated around 64 lakh bags against 45-48 lakh bags last year (Each bag=70Kg.).
According to derivative analysis, over a period of time prices and open interest are rising while volumes are falling. Market is vulnerable to a sharp correction but likely that that correction will be bought creating a buy point for uptrend.

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-tumbles-on-extended-selling-22147.html)