Turmeric futures (Apr) is expected to take support near 6150 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. It is reported that 4,000 bags of turmeric including 2,000 bags of new crop were put up for sale and 75 per cent stocks were sold. 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 6400-6415 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 ropped 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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