Turmeric futures (Apr) is expected to take support near 6115 levels.
At the spotmarkets, spot prices of new turmeric increased at the markets in Erode. For the
past couple of days higher arrivals of new crop have been hitting the markets and
the buyers purchased all the new turmeric for their few upcountry orders. So, the
traders are buying little quantity of old turmeric that are in low quality. At the Erode
Turmeric Merchants Association sales yard, the new finger turmeric was sold at
Rs.5,459-7,407 a quintal, root variety at Rs.5,245-6,969. The old finger turmeric fetched Rs.5,009-6,959; the root variety Rs.4,909-6,306. Jeera futures (Mar) is
expected to face resistance near 15665 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 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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