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| CapitalStars Investment Adviser |
Turmeric futures (Nov) is expected to witness consolidation in the range of 6525-6585 levels & trade with a downside bias. The fundamentals are bearish since the output in Erode is set to witness a rebound. According to the Department of Horticulture and Plantation Crops of Tamil Nadu, acreage of turmeric in Erode may jump nearly 80% on year to 5,300 ha in 2018-19 (Jul-Jun) because of very goodrainfall this year and availability of other water sources. A bullish trend is likely to be seen in jeera futures (Nov) as it has the potential to test 20375 levels. Farmers are bringing their produce at market, anticipating a rise in demand for the ongoing festive season. The prices rose by Rs.20-25 per 20kg at the major Gondal, Rajkotand Unjha markets. At major markets in Rajasthan jeera prices rose by Rs.100 per quintal. Meanwhile, with the hope of increase in the consumption during the coming festival month, the traders are not hesitant to stock jeera even at a higher price. Besides, the pace of arrival has become very weak at the mandis, which may push trading activities for the available supply. Cardamom futures (Nov) is likely to trade sideways in the range of 1355-1415 levels. Trade sources in the main trading hub for the aromatic spice in the country, Bodinayakanur in Tamil Nadu, said there has been a decline in arrivals and at the same time supply of the quality material has shown shrinkage. Total arrivals during the current season stood at 5,836 tonnes and the sales were at 5,732 tonnes. The auction average for the season slipped to Rs.1,191,61 a kg from Rs.1,193.36 a kg.
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