Turmeric continues downtrend on arrival pressure

Turmeric spot market at Nizamabad will remain close till Saturday due to labor problems. Futures continued to add to losses of the previous day and settled 1.34% lower on Thursday.
Turmeric stocks in the NCDEX warehouse are at 705 MT as on 2nd May 2011.
Production, Arrivals and Exports
Arrivals at the Erode mandi stood at 20,000 bags on Wednesday as compared to 16,000 bags on Tuesday.
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. According to Spices Board of India exports of Turmeric from India during April 2010- February 2011 stood at 42,500 tonnes as compared to 46,575 tonnes in 2009-10, a decline of 9%.
Outlook
Turmeric prices in the intraday will trade sideways to down due to reduced offtakes by the local stockists.
Price trend in the short term (till May) are likely to depend on the arrivals and demand from the overseas and domestic buyers.
In the medium to long term (June onwards) turmeric prices will take cues from the turmeric stocks at the domestic market and onset of monsoon in the major growing regions.
Courtesy: Angel Commodities

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-continues-downtrend-on-arrival-pressure-23604.html)