MTECHTIPS;-NCDEX Turmeric sideways, Chilli and Coriander positive

MTECHTIPS;-NCDEX Turmeric sideways, Chilli and Coriander positive

The trend in turmeric futures for June delivery on India's National Commodity and Derivatives Exchange (NCDEX) looks sideways and 5700-6200 is the likely range for the commodity.“Break out of any of the sides will give clear direction to the prices in the near term,” said Milan Shah, Research Analyst at Commodity Online.NCDEX turmeric for June delivery was seen trading down by 0.74% at Rs.5924 per 100 kgs as of 12.10 PM IST on Thursday.In the spot market, prices remained under pressure due to low off-take and higher carry over stocks. Cheaper turmeric varieties from Andhra Pradesh are also putting further pressure on the commodity prices to some extent. However, traders expect commodity prices may go up in June.Turmeric arrivals in Nizamabad were around 3000 bags (1bag=70kg). Spot prices for finger variety ruled at Rs.5800 per 100kgs.Turmeric arrivals at Erode were around 3000 bags and spot prices ruled at around Rs.7000 per 100kg.As per the latest report, turmeric stocks in the NCDEX accredited warehouse increased to 3559 tons as on 28th May 2013.

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