Turmeric futures (Apr) is expected to break the previous contract low of 6182 & descend to test 6100 levels.
The spot markets, the prices of various varieties of
turmeric are witnessing a decreasing trend due to increase in the arrivals from
fresh harvested crop. At the Regulated Marketing Committee and Erode
Cooperative Marketing Society, the prices of old finger and root turmeric is going
down day by day price due to quality issue. On the supply side, the crop is good in
most parts of the country except Maharashtra. Drought in some parts of
Maharashtra will impact production. Earlier, it was reported that the new crop will
be higher by 20 %, but initial estimates show that that it would be more or less
similar to last year’s production. The downtrend is likely to continue in jeera futures
(Mar) as it can witness 15000, if breaks 15300 levels. This season, favourableweather 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. Corianderfutures (Apr) is likely to witness consolidation in the range of 6150-6280 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.
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