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| CapitalStars Investment Adviser |
Turmeric futures (Sept) is expected to plunge further towards 6700-6650 levels.On the spot markets, the sentiments are weak due to lack of demand the price for the
yellow spice due to ongoing monsoon. Further, expecting a good crop, many farmers have started liquidating their stock. Sowing is over in Telangana but it is
still going on in Tamil Nadu. This year, canal irrigation and dam water level is very good due to good rainfall, so area may rise as compared to last year. Jeera futures(Sept) will possibly descend down further & test 19700levels. Looking at the bearish fundamentals factor that rains in the Saurashtra region in Gujarat have
picked up, which may lead to higher sowing of the spice when operations start by October-end, the counter is expected to trade with a downside bias. Coriander
futures (Sept) is expected to trade with a downside bias & test 4500. On the spot markets, the buyers are silent as demand declines during monsoon season.
Cardamom futures (Sept) is expected to see a correction towards 1280-1260 levels. Days ahead, the element which the market participants would focus will be
the prospects of exports as the fresh harvest will hit the auctions soon. However,the stringent quality control measures established by the importing countries are
seen to have a dampening effect on prices. The insecticide ban by Saudi Arabia on Indian consignment from September 1 will give a bearish impact on cardamom
prices.
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