Turmeric futures (Apr) may trade with downside bias to test 6350 due to profit booking.
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Turmeric prices moved lower at the major Nizamabad market on
Thursday owing to higher arrivals. As per market source, at present, buyers are not
active in the market. Prices may remain under pressure due to rise in new crop
arrivals. New crop arrivals in key spot markets is gaining momentum after January
15. Lower level buying can be seen in Jeera futures (Mar) & the prices may trade in
the range of 16800-17250. Spot jeera prices quoted strong by Rs 15-25 per 20kg at
the key Unjha market in Gujarat on Wednesday owing to lower arrivals. Going
ahead, the condition of the crop will also be major factor to watch for because the
cumin crop faces severe weed competition at all stages of crop growth because of
slow growth and short stature. Secondly, the carryover stocks of jeera are seen at
200,000-300,000 bags (1 bag = 55 kg), way less than the desirable 500,000 bags.
The new crop will only start arriving in February. The coriander futures (Apr) is
expected to trade lower & it may break strong support near 6500 levels. Coriander
prices ruled subdued in Gujarat, Rajasthan and Madhya Pradesh on Thursday,
tracking weakness in futures trade amid sluggish demand. The commodity quoted
lower by Rs 20-25 per 20kg in Gujarat. It also moved lower by Rs 50-100 per 100kg
in Rajasthan and by Rs 100 per 100kg in Madhya Pradesh. As per trade source,
the standing crop is almost ready for harvesting in major producing belts. The
prices may pressurize because of weak demand from south India and higher
arrivals in Rajasthan.
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