The downside of turmeric futures (Apr) is likely to get extended towards 6300 levels taking negative cues from the spot markets.
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The price of new turmeric
decreased on Tuesday. Though the arrival of new Mysore turmeric for sale was low,
the price of the same did not increase. This was due to poor demand for the same
from traders. New finger turmeric decreased by Rs.250 a quintal and the root
variety by Rs.200 a quintal. Similarly the prices of old finger and new turmeric also
decreased across all markets. Jeera futures (Mar) is likely to trade sideways in the
range of 15800-16055 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 6540-6690 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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