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Turmeric futures (Apr) would continue to take support near 6500 & show upside momentum to test 6800 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. Jeera futures (Mar) is likely to trade in the range of 16700-17200. Spot jeera prices quoted strong at key markets in Gujarat and Rajasthan on Tuesday due to lower arrivals. 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 mid-February as the standing crop is almost ready for harvesting in major producing belts.
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