The bearish trend of turmeric futures (Apr) is likely to get extended further to test 6300 amid supply pressure of new crop & estimates of higher output.
The new
turmeric supply is likely to enter in the spot market in February month. Currently,
the cold storage stocks are arriving at the market to the tune of 65 - 80 bags (65 kg
each) per day. Turmeric stocks in Nizamabad (both old and new crop) were
estimated around 3.00 lakh bags as compared to around 2.00 lakh bags during the
same period of last year. There is more room for jeera futures (Mar) to go down
further towards 15700-15600 levels. On the spot markets, the prices are showing a
negative reaction to the arrivals which are sharply higher than expectations & with
buyers reported to be less, a selling pressure Is getting built over the counter.
Coriander futures (Apr) is expected to witness lower level buying taking support
near 6545 levels. The new coriander crop, which started coming into the key
wholesale market of Ramganj in Rajasthan, is being sold at a price 20% higher
than last year. Cardamom futures (Feb) may enter a correction mode to test 1530
levels. On the export front, the demand is getting dull as India is out of the league
because of the pesticide issue with Saudi Arabia. The market participants are
pessimistic and expecting that overseas sales of cardamom slump to an 11-year
low. After a year of record high exports of 5,680 tons in 2017-18, it is being
anticipated that in 2018-19, this figure may be in three-digits of merely 900 tons.
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