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Turmeric futures (Apr) is likely to face resistance near 6850-6900 levels. The upside may remain capped as the sentiments are weak on the spot markets. Spot turmeric prices decreased at the markets in Erode as only poor quality produce arrived for sale. It is reported that 5,500 bags arrived but the buyers quoted decreased price for want of demand and purchased 75 per cent of the arrivals. Finger variety lost ₹200 a quintal, while root variety was down by ₹150. The bearish trend would continue to be seen in jeera futures (Jan) and the short covering might face resistance near 17600 levels. There is a possibility of further weakness in prices ahead as sowing has gained pace on the back of light rainfall. The favorable weather over the major growing regions is expected to boost the area under cultivation. In Gujarat and Rajasthan, moisture content has increased in soil due to prevailing cold wave which is considered to be very good for the crop. The latest statistic show that in Gujarat sowing has been completed by 90%, whereas in Rajasthan the area is expected to rise by 110-125% this season. Coriander futures (Jan) may witness sell on rise & test 6000-5900 levels. As per market source, cause of the New Year and Christmas, the traders are going on the holidays, so there is not much activity in the market. Farmers are now also busy in Rabi sowing. The same situation is likely to prevail in the market in the next few days.
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