The upside in turmeric futures (Apr) may plunge further t0 test 6200-6150 levels.
The new crop arriving in the key producing regions of Tamil Nadu and Telangana in
addition with expectation of a higher crop may keep the upside capped. The
deficiency of cultivation area in Telangana & Tamil Nadu has been covered up by
Maharashtra, where the area under turmeric has increased substantially this year
and hence they are expecting an increase of 15 per cent in turmeric production in
2018-19. Also, the demand is sluggish mainly due to the higher moisture content in
the produce being brought by farmers to the markets. According to the market
participants this season there is hardly any demand, whereas normally, it comes in
from January 15 and peaks during March. Jeera futures (Mar) may take support
near 15365 levels & the downside may remain capped. This season India has
become the sole supplier of jeera to the world. The competitive producers Syria &
Turkey are getting washed out of trade & uncompetitive in the export market. The
exporters are getting ready to begin their buying spree quality of this year crop is
expected to be good. With arrivals of the new crop expected by mid-February and
prices already moving higher, the sentiments are turning to be bullish. Coriander
futures (Apr) will possibly trade range bound within 6150-6270 levels. The
downside may remain capped as the spot markets in in Rajasthan, Gujarat and
Madhya Pradesh are sending positive signals since the farmers are not interested in
bringing their produce in mandis at existing lower prices.
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