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| CapitalStars Investment Adviser |
Turmeric futures (Nov) is likely to trade sideways to down in the range of 6550-6685. Turmeric output is likely to rise by a fifth to 8.5 mln bags (1 bag = 65 kg) this kharif season due to good monsoon rains and also ample supply of water for irrigation from other sources, according to traders. Acreage of turmeric in Telangana has been pegged at 47,760 ha in 2018-19, up over 6% from last year, while in Erode, farmers have sown the crop over 5,300 ha, up a whopping 80% on
year, according to data from the states’ horticulture departments. Jeera futures (Nov) is expected to trade sideways taking support near 19670. Spot jeera prices continued to rule higher at major markets in Gujarat and Rajasthan amid better export as well as festive demand at domestic level. Lower crop estimate for this season owing to deficient rainfall in key producing belts also provided support to the prices. Coriander futures (Nov) is expected to take support near 5550-5500 levels & the downside may remain capped. Spot coriander prices continued to rule strong at major markets in the country due to adverse weather conditions in key producing belts. The prices moved higher at key markets in Gujarat and at key markets of Rajasthan and Madhya Pradesh. However, arrivals remained good but
at the same time consistent demand is also being seen which mainly led to a rise in prices.
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