Turmeric futures (Apr) is likely to consolidate in the range of 6400-6545 levels, with upside getting capped.
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Traders are evincing interest in buying new turmeric. On
the spot markets the arrival of new and old turmeric was low, as only 200 bags of
new Mysore turmeric arrived and was sold. Only a few bags of the root variety of
new turmeric arrived, fetching only Rs.6,900 a quintal. Similarly old turmeric prices
remained almost the same as last week. Jeera futures (Mar) is likely to witness
more correction & test 15700-15500 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 6540-6720 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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