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Turmeric futures (Apr) is expected to trade sideways in the range of 6550-6850
levels. Prices of turmeric in benchmark Nizamabad market of Telangana are up 7%
from a year ago in 5,500-6,000 rupees per 100 kg range even as arrivals of new
crop have begun. However, quality of the new crop, mostly the variety that matures
in six months, is not up to the mark with moisture level as high as 22% compared
with 12% for the fair average quality spice. Jeera futures (Jan) is expected to trade
sideways in the range of 17200-17600 levels. Jeera prices traded firm at the
benchmark markets of Gujarat and Rajasthan supported by some fresh buying
emerged at the lower level. 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. Jeera in the state has been sown in 3.69 lakh hectares last year. The
acreage is overall down against last year as farmers shifted to less water intensive
crop due to scanty rainfall this season (June-Sept). Cardamom futures (Jan) is
expected to hold the uptrend taking support near 1500 levels. A steady trend
continued in the small cardamom markets last week and at auction, with almost all
the individual auction average swinging between Rs.1,300 and Rs.1,330 a kg at the
auctions held in Kerala and Tamil Nadu. Arrivals showed a sharp shrinkage last
week indicating the end of harvesting of the current crop and whatever arriving at
the auctions, at present, are claimed to be from the stocks held by farmers and
primary market dealers.
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