Turmeric futures (Apr) may trade with downside bias to test 6350 due to profit booking.
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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
16700-17100. 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. Though coriander
prices ruled steady in Gujarat, Rajasthan and Madhya Pradesh on Wednesday amid
matching demand and supply. But 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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