Turmeric futures (Apr) may trade in the range of 6400-6530.
Turmeric prices ruled
stable at the key markets in the country amid limited demand and supply. Demand
from North India was reported sluggish due to prevailing cold wave conditions. As
far export demand is concerned it has also remained subdued. Lower level buying
can be seen in Jeera futures (Mar) may take support near 16400. Spot jeera prices
ruled steady to strong at key markets in the country amid concerns of crop damage
& on expectation of higher export demand. Prices moved higher by Rs 10-15 per 20
kg at the key Unjha market. Trade sources revealed that India is likely to have
exported around 120,000 tonnes jeera in Apr-Dec, up over 13 percent on year,
trade sources said. Exports of the spice have risen due to a strong demand from
China, Europe, the US, and West Asia. 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. Coriander futures
(Apr) is expected to trade above strong support near 6550 levels. Spot coriander
prices edged higher at major markets in Gujarat, Rajasthan and Madhya Pradesh
as rainfall has disrupted supplies. However the rise in prices was narrow with
easing of concerns over crop damage due to reports of limited rainfall.
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