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Turmeric futures (Apr) would continue to take support near 6550 & show upside
momentum to test 6730 levels. The spot prices are on a rising trend at the markets
in Erode despite rise in arrivals. The stockiest are showing good interest in
procuring as they are counting on anticipation of more upside in days to come. At
present, there is good demand for new turmeric as compared to old one. On the
Supply side, in Maharashtra and Tamil Nadu the crop is still there in field & needs
some shower otherwise yield may get affected. The downtrend of jeera futures
(Mar) is likely get paused taking support near 16700 levels. The lower level buying
may emerge in the counter & on back of it the counter is expected to move higher
towards 17300 levels. 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 uptrend of coriander futures (Apr) is expected to remain intact & it
may surpass 6850 levels. In between any correction due to profit booking may get
limited to 6500 levels. The price outlook is bullish till the arrivals hit the markets &
this year there might be shortage. New crop arrivals will increase from midFebruary as the standing crop is almost ready for harvesting in major producing
belts.
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