The bullishness is likely to prevail in turmeric futures (June) and is expected to rally towards 7400-7450 levels.
The prices of turmeric are increasing on the spot markets due to strong demand amid limited supply of good-quality stock in the market. Moreover, trading activity at Sangli, Maharashtra, is increasing due to better quality of turmeric in comparison with the Erode market. There is more room for jeera futures (June) to move forward & test 18100-18200, taking support near 17590 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 drive it towards 2400-2450 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 7445 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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