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| CapitalStars Investment Adviser |
Turmeric futures (Nov) is expected to trade sideways in the range of 6735-6845 levels. Spot turmeric prices increased at all the markets in Erode on upcountry orders as well as arrivals of quality produce. The price of finger turmeric increased by ₹400 a quintal at the RMC, but increased by ₹200 at the Erode Turmeric Merchants Association. Similarly, the price of root variety was up by ₹400 at the RMC and ₹250 a quintal at the Erode Turmeric Merchants Association. In days to come, more weakness can be seen in jeera futures (Nov) as it can decline towards 18800-19100 levels. On the spot markets, this spice is witnessing selling pressure as buyers are not active. Moreover, market participants are trading cautiously as the sowing for the new crop is likely to begin soon & this season more farmers may take up jeera cultivation in anticipation of higher prices. This year, jeera on the national bourse made a yearly high of 21,042 & have almost remained shy from its all-time high of Rs.21,093 per quintal. Cardamom futures (Oct) might witness correction towards 1370-1330 levels. The reducing open interest at higher levels is giving an indication that the market participants are not taking much interest in creating fresh positions at current higher prices. Secondly, the rainfall in Kerala in the last two days is seen benefitting the plantation and leading to an increase in picking. The second round of picking of cardamom is almost over in Idukki and third round will start mid-October.
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