| Though the futures market showed some signs of strengthening last week, the bullish trend turned out to be a short-term phase. The market dipped to Rs 2,002 a quintal from the highest close of the week at Rs 2,055 a quintal. |
| Commodity analysts maintain a long-term bearish outlook in the turmeric segment. The country produced around 52 lakh bags (each of 75 kg) in 2006-07, which was higher by around 6 lakh bags compared with the last year's. Interestingly, the near-month contract has never closed the trading day so close to the Rs 2,000 mark. The lowest close so far was Rs 2,008, which the market witnessed at the end of August. |
| Market sources anticipate the futures market to breach the Rs 2,000 mark this week. According to them, the support level this week is expected to be Rs 1,980 and resistance could hover at Rs 2,036 a quintal. |
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