Turmeric tumbles on profit booking

Turmeric futures traded lower on profit booking on higher level on Friday. From opening itself prices started trading down on active profit selling.
In absences of fresh cues from spot futures witnessed huge fall in prices and ended the day on negative note.
Outlook
The turmeric futures are projected to extend the losses initially on Monday. However, prices are likely to witness smart recovery during the initial hours. Good domestic demand at spot market might support the prices at lower levels.
All the major spot markets will resume their activity today onwards. As per trade sources, demand from upcountry buyers is supporting the prices at spot front.
As per data released by Spices board, turmeric exports during April- January 2010-11 stood around 38,000 tons down by 13% compared to same period last year.
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, prices and volumes are falling while open interest is witnessing a positive move. it is a good indication that a sharp rally against downtrend will develop creating a sell point for downtrend.

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-tumbles-on-profit-booking-22362.html)