Turmeric futures (Apr) is on the verge of breaking the major support near 6400 & may witness more correction near 6315-6200 levels.
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On the supply side, at
present, there is no report of new crop arrival at major markets but it may start in
the coming weeks. It is being anticipated that the farmers will bring good number
of new turmeric-Mysore variety for sale to Erode markets. On the contrary, demand
from North India is being reported to be sluggish due to prevailing cold wave
conditions. As far export demand is concerned it has also subdued. An extended
bearish trend can be seen in jeera futures (Mar) as it can test 16000 if breaks 16270
levels. The positive crop prospects due to favorable weather conditions have
created bearish sentiments among the market participants. Crop variation of 5-
10% is normal and can be compensated by the similar carry-forward stock of last
season. Apart from production estimates, the prices will also take a cue from the
export market. Coriander futures (Feb) is expected to trade with negative bias in
the range of 6540-6690 levels. The market participants are cautious & keeping a
close watch on the growth of the crop. The sudden change in weather over the last
2-3 days has been considered beneficial for the standing crops. The bullish trend in
cardamom futures (Feb) is likely to persist taking support near 1590 levels. This
season there is going to be a gap in availability between now and the next crop that
can be expected in late June or early July. Seeing this, whatever material is arriving
at the auctions, at present, is being picked up by the trader.
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