Turmeric futures (Apr) is likely to consolidate in the range of 6300-6400 levels.
On
the spot markets, he arrival of new turmeric for sale increased on Wednesday.
Buyers purchased it for their local needs and upcountry demand. 4,000 bags of
new turmeric and 1,500 bags of old turmeric were kept for sale. Jeera futures (Mar)
is likely to witness an upside momentum taking support near 15400 levels. The
reason being is that there is a possibility of damage to the cumin seed crop due to
unfavorable weather over the growing regions. It is reported seasonal diseases are
beginning to occur in jeera crop due to mixture of all weather conditions from sunshadow to moisture and hot weather. The growers have started putting pesticides
in fields. But if the clouds rinsed again, then owing to the dew, the cumin seed will
be blackened. Thereby, there will be substantial loss of cash crop in the crop.
Coriander futures (Apr) is expected to hover sideways in the range of 6150-6250
levels. The downside may remain capped and the supply concerns are expected to
support prices. Further, export demand for Indian coriander too has been high from
countries such as Malaysia, Egypt, UAE and Saudi Arabia. This demand is likely to
go even higher in the remaining months of the fiscal as the output by the other
producers are going to be lesser. It is estimated that the global coriander production is estimated to decline by 40 per cent this year.
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