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Turmeric futures (Apr) is expected to trade with an upside bias in the range of 6650-6850 levels. Prices of turmeric in benchmark Nizamabad market of Telangana are up 7% from a year ago in 5,500-6,000 rupees per 100 kg range even as arrivals of new crop have begun. However, quality of the new crop, mostly the variety that matures in six months, is not up to the mark with moisture level as high as 22% compared with 12% for the fair average quality spice. Jeera futures (Jan) has taken support near 17330 & from here an extended short covering can be seen towards 17900 levels. Jeera prices traded firm at the benchmark markets of Gujarat and Rajasthan supported by some fresh buying emerged at the lower level. The prices went up by Rs 15-20/20kg in Unjha, while turned better by Rs 100/100kg in Rajasthan. 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. Jeera in the state has been sown in 3.69 lakh hectares last year. The acreage is overall down against last year as farmers shifted to less water intensive crop due to scanty rainfall this season (June-Sept). Cardamom futures (Jan) is expected to hold the uptrend taking support near 1500 levels. A steady trend continued in the small cardamom markets last week and at auction, with almost all the individual auction average swinging between Rs.1,300 and Rs.1,330 a kg at the auctions held in Kerala and Tamil Nadu. Arrivals showed a sharp shrinkage last week indicating the end of harvesting of the current crop and whatever arriving at the auctions, at present, are claimed to be from the stocks held by farmers and primary market dealers.
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