Turmeric settles higher on active buying

Turmeric futures traded on positive note on fresh buying at previous losses on Saturday. Futures started the day on positive note on lower level buying.
However, prices took small correction which created further buying in market and futures ended the day in green.
Outlook

Turmeric May futures are expected to trade slightly lower initially on Monday. Profit selling on higher levels might pull down the prices. However, prices are likely to resume upside on fresh buying at lower levels during the day.
Daily arrivals at spot markets of Erode and Nizamabad were 7,000 and 15,000 bags respectively (Each bag=70Kg.).
As per trade sources, farmers have also reduced supply to market as they want to sell there produce above Rs.10,000 / quintal.
On other hand, demand from other part of country has also slowed down which is also weighing on the prices.
As per trade sources, turmeric production in 2011 is estimated around 65 lakh bags against 45-48 lakh bags last year (Each bag=70Kg.).
According to derivative analysis, prices and open interest are rising while volumes are falling. Market is attracting late buyers & early shorts; market is vulnerable to a sharp correction but likely that that correction will be bought creating a buy point for uptrend.
Courtesy: Karvy Commtrade Ltd.

(Source: http://www.commodityonline.com/futures-trading/technical/Turmeric-settles-higher-on-active-buying-23364.html)