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Spot turmeric prices decreased at Erode markets on the back of poor local and upcountry demand. “For the past couple of months, Erode traders did not get any upcountry orders. So they bought only limited stock of the spice for their local demand. But, for the past couple of days the local demand also decreased,” said RKV Ravishankar, a trader. Of the 2,000 bags arrived for sale, about sixty per cent were sold, including 150 bags of new turmeric.   At the Erode Turmeric Merchants Association, the finger variety was sold at Rs 5,291-8,809 a quintal; the root variety Rs 5,014-8,088. Of the 1,223 bags, 640 were traded.

BULLS vs. BEARS

Estimation of higher crops-Bear Rise in demand at lower level -Bull Imposed stock limits-Bear  Fall in area under cultivation-Bull

WEATHER

Weather across the South Indian states has remained dry from a long time now. Ever since the Northeast Monsoon bid adieu to the country and particularly to the southern peninsular India, most of the regions across the southern states of the country have remained parched. While on and off showers have been witnessed by parts of Tamil Nadu, Kerala and Karnataka bringing some sort of relief from the ongoing dry and warm weather, other states like Andhra Pradesh and Telangana failed to witness any rainy spells. As per Skymet Weather, due to an absence of any significant weather system, dry weather is expected to persist across South India. This would further lead to a rise in the prevailing temperatures.

INTRADAY FUNDAMENTAL OUTLOOK

Price will trade in side ways

TECHNICAL LEVELS

Expiry Date Closing Price R2 R1 P.P S1 S2 20th April 2017 6740 6840 6790 6750 6700 6670

STOCK FUTURE PRICES:

Symbol Expiry Date Open High Low Close NCDEX TMCFGRNZM   20/04/17 6800 6800 6720 6740