Turmeric ends higher on active buying

Turmeric futures traded down on active selling on gains on Monday. Futures started the day in green on continued the buying.
However, prices reversed the trend on strong selling interest and remain down whole day. Prices bounced back on lower level buying during closing hours and ended the day on slightly positive note.
Outlook
The turmeric April futures are expected to open on positive note on active buying on Tuesday. Later on we can see small correction in prices on fresh selling at higher levels. However, overall trend is expected to remain biased towards positive side.
Erode spot market will be closed for 11 days from March 25th to April 5th amid March closing and Ugadi festival. As per trade estimates, around 50% of new crop has been come to the market and further 50% is likely to arrive by may end.
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, volumes and open interest all are rising. Market is attracting larger numbers of traders willing to open positions from the long side and hold them. Traders are more confident that prices will continue to climb in favor of a working long.

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-ends-higher-on-active-buying-23008.html)