Turmeric futures (Apr) is expected to consolidate in the range of 6200-6300 levels.
CAPITALSTARS INVESTMENT ADVISOR
In the current scenario, the farmers are not bringing more quantity of turmeric for
sale and are bringing limited stock. On the spot markets, turmeric prices are
prevailing below Rs.7,700 a quintal. At the Erode Turmeric Merchants Association
Sales yard the finger turmeric was increased by Rs.500 a quintal and root variety by
Rs.50 a quintal when compared to previous day sale price. At the Regulated
Marketing Committee only the root variety was improved by Rs.350 a quintal. Jeera
futures (Apr) is likely to face resistance near 15700 & witness profit booking from
higher levels. This season there are improved output prospects for 2018-19 (JulJun), while demand is seen largely unchanged. At present, the daily average
arrivals of jeera are at 30,000 bags (1 bag = 55 kg) and this count will surely rise in
days to come. Output prospects for this year have improved as higher acreage in
Rajasthan will largely help offset the impact of a fall in area under the spice in
Gujarat. In Rajasthan, yields are likely to have improved to 494 kg per ha from 489
kg, while in Gujarat also higher yields of 529 kg per ha compared with 520 kg a year
ago after the state government provided water for irrigation. In addition, the
market participants expect carryover stocks much higher at 10-15 lakh bags which
may add to the bearishness. Coriander futures (Apr) is likely to trade sideways to
down & may test 6475 levels. On the spot markets, new arrivals of good quality
have started coming in markets.
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