The upside in turmeric futures (Apr) may remain restricted near 6330 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) is seen taking a Uturn upside towards 15880, forming a base near 15550 levels. Taking advantage of
lower level buying the market participants have started taking long positions as 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 6150-6320
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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