Turmeric futures (June) is expected to trade sideways in the range of 7140-7270 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. On an average, 85 per cent stocks were sold.
Good quality finger turmeric showed an increase of ₹300-500 a quintal in all the markets; while root variety gained ₹100. Jeera
futures (June) is seen taking support near 17350 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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