Turmeric futures (Apr) may trade with downside bias to test 6350 due to profit booking.
Turmeric prices moved lower at the major Nizamabad market on
Thursday owing to higher arrivals. As per market source, at present, buyers are not
active in the market. Prices may remain under pressure due to rise in new crop
arrivals. New crop arrivals in key spot markets are gaining momentum after
January 15. Lower level buying can be seen in Jeera futures (Mar) & the prices may
trade in the range of 16800-17250. Spot jeera prices quoted strong by Rs 15-25 per
20kg at the key Unjha market in Gujarat on Wednesday owing to lower arrivals.
Going ahead, the condition of the crop will also be major factor to watch for
because the cumin crop faces severe weed competition at all stages of crop growth
because of slow growth and short stature. Secondly, the carryover stocks of jeera
are seen at 200,000-300,000 bags (1 bag = 55 kg), way less than the desirable
500,000 bags. The new crop will only start arriving in February. The coriander
futures (Apr) is expected to trade lower & it may break strong support near 6500
levels. Coriander prices ruled subdued in Gujarat, Rajasthan and Madhya Pradesh
on Thursday, tracking weakness in futures trade amid sluggish demand. The
commodity quoted lower by Rs 20-25 per 20kg in Gujarat. It also moved lower by
Rs 50-100 per 100kg in Rajasthan and by Rs 100 per 100kg in Madhya Pradesh. As
per trade source, the standing crop is almost ready for harvesting in major
producing belts. The prices may pressurize because of weak demand from south
India and higher arrivals in Rajasthan.
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Great article sir thanks for sharing. Good Tips... Please update on regular basis so that we can check daily agri market news. Epic Research
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