Turmeric futures (Apr) is likely to trade sideways to up in the range of 6040-6140 levels.
CAPITALSTARS INVESTMENT ADVISOR
The price of the finger turmeric
was increased on Thursday. Due to some local and little upcountry demand, the buyer traders have quoted increased price for the
finger turmeric and purchased the some bags. Though there was no heavy upcountry demand, the traders have received
reasonable upcountry demand. Jeera futures (Apr) is likely to face resistance near 15830 levels with upside getting capped. Jeera
arrivals in Unjha, the benchmark market in Gujarat, doubled from Friday to 45,000 bags (1 bag = 55 kg), traders said. The surge in
arrivals was because markets will be shut for a week from Mar 27 due to financial year-end holidays. Coriander futures (Apr) is
likely to trade with an upside bias taking support near 6550 levels tracking key markets in Rajasthan, where prices rose due to
higher demand from domestic stockists. This season the crop in Gujarat is likely to be down by 52% to 38,890 tonnes, with
acreage of 30,500 hectares. The largest grower, Madhya Pradesh, will also see coriander output at 1,16,510 tonnes, down 15%
over last year. This season, the farmers have avoided this crop and turned to jeera or fennel seed instead. Cardamom futures (Apr)
is expected to surge towards 1650-1660 levels. The spot prices are increasing due to higher demand from northern India amid low
inventories. Prices are expected to remain firm as high temperature in cardamom growing regions is likely to hit production.
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