Turmeric futures (Dec) is likely to take support near 7100 levels & gain further towards 7300 levels. Spot turmeric prices edged up at Erode markets as buyers were keen on fulfilling their local orders though they did not get any upcountry orders. On Thursday, 2,000 bags arrived for sale and the buyers were keen in buying medium variety turmeric. 65 per cent of the arrived turmeric was sold. The finger variety gained Rs.100-300 a quintal; the root variety increased by Rs.200-225. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs.6,716-8,577 a quintal and the root variety at Rs.6,366-8,022.
Cardamom futures (Dec) is expected to consolidate in the range of 1320-1380 levels. Upsurge continued in the small cardamom markets on good demand resultant from the apprehensions about a possible shortage of the aromatic spice this season following a forecast of sharp decline in output. The second round of picking is currently under way and it might end by mid November. Third round will commence by this month end and may last till end of December and with this the main harvesting exercise is likely to end given the past and prevailing weather conditions.
Jeera futures (Dec) may trade in the range of 17520-17920 levels with an upside bias. India could export around 1 lakh tonne cumin seed season 2016-17 as geo-political tension in Turkey and Syria may restrict supply, thereby making India the single most preferred source of cumin seed supply in the world market.
Refined soy oil futures (Nov) is expected to trade in the range of 670-680 levels, while CPO futures (Nov) might trade in the range of 517-525 levels. Palm oil spot markets are witnessing dull activity after festive season, while weak sentiment in global market is also keeping buyers to wait and watch.
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