Turmeric seen bearish on rains

COMMODITY SPIKES

According to commodity analysts, better rains may bring the futures market down by Rs 100-150 a quintal this week. Weak progress of monsoon in the beginning of the month led to a surge in turmeric prices in the domestic market.

"Good monsoon may soften the prices of the commodity on hope of a better production next year," said an analyst at Angel Commodities. Already, Mysore region is likely to witness a good sowing owing to early and adequate rains.

Moreover, reports suggest that there is lack of buying interest from the overseas as well as domestic market. This has brought a sluggish demand in the turmeric market.