The bearish trend is likely to prevail in turmeric futures (Apr) as the downside may get extended towards 6000 levels.
At
present, only Mysore turmeric is arriving for sale and few quantity of local old turmeric is also arriving. The traders prefer only the
new turmeric and also purchased little quantity of old turmeric for supply to the Masala firms and Turmeric powder grinding units.
The arrival pressure is likely to increase in days to come as the fresh Erode Turmeric may arrive for sale only in the middle of April,
as the harvest is in progress in many places. Jeera futures (Apr) may consolidate in the range of 15500-15750 levels. Overall, the
sentiments are bearish on better output prospects. The traders are optimistic of higher output because of adequate availability of
water. India’s cumin seed (jeera) output is set to touch 4,16,000 tonnes for 2019, about 9% higher than the previous year,
supported by a sharp jump in production in Rajasthan. Besides, lower export demand in the physical market also capping the
upside. Coriander futures (Apr) may witness a consolidation in the range of 6500-6650 levels. Spot prices remained steady at
major markets of Rajasthan amid matching demand and supply whereas in Guna, the major market of Madhya Pradesh, prices are
declining with rise in new arrivals of low quality and higher moisture content. Cardamom futures (April) may see a rise till 1560
levels as demand is outweighing the supply. The growing areas have not received rains for some time coupled with protracted dry
spell has changed the market sentiment to bullish. The period between now and the next crop remains wider compelling many to
cover whatever material arriving at the auctions.
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