Turmeric tumbles on fresh selling

Turmeric futures resumed the down trend on fresh selling on Thursday. Futures started the day on slightly negative note on profit booking.
However, prices resumed the uptrend on active buying but failed to sustain the gains and fell drastically due to heavy selling pressure and ended the day in red.
Outlook

The turmeric April futures are expected to continue the losses on active selling on previous gains on Friday. However, overall prices might remain range bound in absence of fresh market cues.
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.
According to traders, most of the arrivals coming to the market is wet and they have to incur further drying and polishing cost to send to other states.
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 are falling while volumes and open interest are showing a positive move. If prices are in a downtrend and open interest is on the rise, chartists know that new money is coming into the market, showing aggressive new short selling. This scenario will prove out a continuation of a downtrend and a bearish condition.

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-tumbles-on-fresh-selling-22946.html)