| Date: |
10-04-2010 |
| Subject: |
India: Turmeric hit roof on good export, local demand |
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AHMEDABAD : Owing to the good domestic as well as export demand, all contracts on NCDEX hit 4 per cent upper circuit and NCDEX Apr Turmeric contract last traded at 11840 at 4 percent upper price limit.
Presently domestic as well as export demand is good for the spice however, demand may decline if prices remain firm at present level. NCDEX Turmeric April contract opened at Rs 11400 per quintal vs. previous close of 11384.
“Technical range for Turmeric is from 11500 to 12100,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
14 days RSI for Turmeric April contract is 65.93 and it shows turmeric future prices are entering in overbought zone. Support for the Turmeric is seen at 11550 and below could see a test of 11300. Resistance is now likely to be seen at 12100, a move above could see prices testing 12400.
Source : Commodity Online
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