Turmeric ends up on short covering

Spot prices of Turmeric in Nizamabad ended 1.35% lower owing to better arrivals however futures ended 0.66% higher on account of short coverings by the market participants.
Demand from the local stockists and overseas buyer have declined due to sharp fall. Buyers are anticipating further fall in the prices.
Arrivals and Production
Arrivals in Nizamabad mandi were around 18,000 bags on Wednesday as compared to 7,000 bags on Tuesday. Erode arrivals were around 32000 bags yesterday as compared to 28000 bags on Monday.
Turmeric production in the year 2010-11 is estimated at 69 lakh bags (1 bag= 70 kgs) compared to 48 lakh bags during the previous year.
Outlook
Turmeric prices in the intraday will trade bearish on account of improved arrivals and reduced offtakes. Price trend in the short term are likely to depend on the arrivals and demand from the overseas and domestic buyers.
In the medium to long term turmeric prices may trade bearish due to increase in the arrivals owing to better production.

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-ends-up-on-short-covering-22799.html)