The downside of turmeric futures (Apr) is likely to trade sideways in the range of 6350-6450 levels.
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The sale of turmeric at Erode has been increased. The arrival of
turmeric was slightly improved, similarly the sale of turmeric in the four markets
were increased to 70 per cent. Regarding the price, the new finger turmeric price
was increased by ₹200 a quintal and ₹100 a quintal was increased in old turmeric
price. There was no major change in new and old root variety price. Jeera futures
(Mar) is likely to trade sideways to down & test 15500 levels. The new jeera crop,
which started coming into the benchmark Unjha market of Gujarat from last week,
is being sold 23% lower from last year. This is because of high moisture content in
the new crop. The new crop arrivals are from Saurashtra, and the Gondal region in
Gujarat. In February, daily arrivals of the new crop may reach 50,000 bags (1 bag =
55 kg) in the Unjha market. This may push prices further down. Coriander futures
(Apr) is expected to trade sideways 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 1525 levels. At auctions, cardamom prices have started
moving northwards, touching Rs.1,500/kg. Even the price of the cardamom 8 mm
variety, one of the best varieties available in the country, has gone up to
Rs.1,700/kg as the availability of this particular variety is scarce.
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