Turmeric range-bound

COMMODITY SPIKES

Turmeric futures are expected to trade in a range-bound manner next week. The spice failed to recover from the Friday's crash in the agri commodities market, and slipped further on Saturday.

According to commodity analysts, demand in the local market and West Asia is good. However, they added the arrival pattern held the key for the market movement next week. At present, arrival in Nizamabad is to the tune of 12,000-13,000 bags (each of 70 kg) and in Erode it is around 8,000 bags.

Marketmen said increased arrival would keep a check on the prices. However, stockists' buying ahead of festivals will give support to the market. On the National Commodity and Derivatives Exchange, the April contract closed at Rs 3,323 a quintal against the previous close of Rs 3,343 a quintal.