Turmeric futures (June) is expected to trade sideways in the range of 7100-7190 levels
Spot turmeric prices increased at
the markets in Erode due to arrivals of quality produce. The price and sale of the spice have bounced back with the farmers
bringing more quality turmeric. The traders have received fresh export demand. Jeera futures (June) is seen taking support near
17450 levels. It is reported that good quantities of jeera are being exported to China and Dubai, and more enquiries are coming for
the spice. The lower output in Syria and Turkey has led to a shift in demand to India & hence jeera is witnessing a buying spree
from exporters as well as bulk buyers. The bullish trend is expected to take hold of cardamom futures (June) and may lend support
neat 2195 levels. This season prolonged dry spell over the past month has damaged 40% of plantations in key growing areas of
Kerala. Also, incessant rains, strong winds, landslides, and water stagnation have had a devastating effect on the sensitive crop
and the damaged plantations are beyond recovery. Dhaniya futures (June) is expected to take support near 7500 levels & any
sharp downside may remain capped. The sentiments are positive because of lower supply in the key spot markets of Rajasthan
and rise in demand from domestic buyers. Ideally, spot markets in Rajasthan should receive around 30,000-35,000 bags (1 bag =
40 kg) in this period. But due to lower crop this year, only 7,000-8,000 bags are seen.
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