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Turmeric futures (Apr) is expected to take support near 6565 levels & trade with an
upside bias. Spot prices of turmeric increased at the markets in Erode despite rise
in arrivals. On Wednesday, 7,000 bags arrived for sale and traders procured 65 per
cent stocks to fulfil their local orders. Regarding the price, finger turmeric increased
by ₹200 a quintal, while that of root variety edged up. Jeera futures (Mar) is
expected to remain trapped in a consolidation zone in the range of 16800-17000 &
the upside may remain capped. The export demand at present is said to be
sluggish, while domestic buyers are doing need-based buying due to expectations
of correction ahead amid good crop outlook. 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. Coriander futures (Apr) can take support near 6600
levels. In markets of Rajasthan the buyers are actively procuring whatever
commodity available due to expectations of better return amid concern about crop.
Already, there are estimates of lower output this season & on top of it the winter
temperature has dropping below ideal level required for crops in many parts, has
raised worries about crop loss. Under present conditions, it is being assessed that
the crop is unlikely to hurt significantly, but quality is likely to damage extensively
and thus coriander prices are in bullish momentum.
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