Turmeric Price Sees Weak Trend

Chennai: Turmeric prices are likely to fall in the short term on concerns that demand may be dull and also due to ample stocks with traders. Spot prices are hoped to rule at the current level of Rs 2,100-2,150 a quintal. A note by Kotak Commodity Services Ltd, turmeric prices could test Rs 2,080 levels despite festival demand from stockists and exporters. On the upper side, turmeric could see resistance at Rs 2,152 and beyond that at Rs 2,203. The week started with negative tone and finished lower. Downward trend and declined open interest at the fag end of the week point to long liquidation. Turmeric production this season could be 42-45 lakh bags compared with 51 lakh bags last year. In the spot market, there is possibility for the prices to rule stable.