Turmeric futures (Apr) is expected to trade with an upside bias taking support near 6235 levels.
Spot turmeric prices increased at the markets in Erode on the back of
quality arrivals. The traders have received fresh upcountry demand and are
interested in buying good quality old turmeric and all the new crop. Jeera futures(Mar) is expected to consolidate in the range of 15300-15640 levels. This season,
favourable weather expected to drive good output despite reduction in sowing
area. Last week, the weather had turned cloudy, with unseasonal showers, caused
concerns about possible crop damage. However the loss is not significant and will
not impact the overall crop provided the weather remains favourable in February.
Coriander futures (Apr) is likely to face resistance near 6290 levels. The upside may
remain capped due to sluggish demand for the new crop, as heavy rainfall in
Rajasthan last week resulted in higher moisture content. It is reported that the
arrivals have dropped 65% so far this year as compared to the same period last
year. New crops with moisture content were sold at Rs.4200 to Rs.4600 per quintal
at major markets in Madhya Pradesh. Cardamom futures (Mar) is expected to
witness lower level buying near 1440 levels. The gap between now and the arrival
of next crop, expected in July, is wide and hence the availability is going to be tight,
they said. Weekly auction average last week was nearly steady at 1,396.75 a kg
and it was vacillating between Rs.1,371 and Rs.1,433 a kg.
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