NCDEX TURMERIC TURNS BULLISH FOR SHORT TERM

• MUMBAI(Commodity Online): Turmeric December futures traded on a negative note on Friday at India's National Commodity & Derivatives Exchange(NCDEX). The yellow spice is bullish for short term and bearish for intra day.
• Turmeric December contract fell 1.23% to 6428 level on Friday at NCDEX. Good demand from north India and arrivals of poor quality crop may act as a positive factor for the prices.
• Turmeric is likely to trade bullish for short term and bearish for intra day with short term support at 6150 and resistance at 6740. Intra day support is seen at 6370 and resistance at 6550,”.
• Weak production forecast in major producing states such as Andhra Pradesh and Tamil Nadu may support the yellow spice in coming days. As per market source,total production of turmeric in the current year is expected to be 35-37 lakh bags(1bag=75kg)against 52 lakh bags last year.
• Sowing of Turmeric in AP for the 2014-15 season is reported at 0.13 lakh ha, as against 0.1 lakh ha last year and a normal sowing of 0.19 lakh ha. The area in Telangana stood at 0.446 lakh ha against 0.431 lakh ha last year.