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Turmeric futures (Apr) may take an attempt to break the major support near 6550
& drop towards 6400 levels. Spot turmeric prices remained unchanged at key
markets in the country amid limited buying activities. At the key Nizamabad
market, total daily arrivals stood at 2,200 bags, including 1,200 bags of new crop.
New crop arrivals will regain momentum after January 15. Jeera futures (Mar) is
expected to remain trapped in a consolidation zone in the range of 16800-17200 &
the upside may remain capped. The export demand at present is said to be
sluggish, while domestic buyers are doing need-based buying due to expectations
of correction ahead amid good crop outlook. Sowing of Jeera in Gujarat almost
completed with area reached at 3.21 lakh hectares against normal (5 year average)
area of 3.18 lakh hectares. Coriander futures (Apr) can take support near 6600
levels. In markets of Rajasthan the buyers are actively procuring whatever
commodity available due to expectations of better return amid concern about crop.
Already, there are estimates of lower output this season & on top of it the winter
temperature has dropping below ideal level required for crops in many parts, has
raised worries about crop loss. Under present conditions, it is being assessed that
the crop is unlikely to hurt significantly, but quality is likely to damage extensively
and thus coriander prices are in bullish momentum.
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