The gains due to lower level buying seen in turmeric futures (Apr) is likely to be temporary & it may face resistance near 6420 levels.
The overall fundamentals are
bearish due to oversupply. Turmeric prices have slumped nearly 11% in the past 2
months thanks to mounting stocks at wholesale markets. Apart from the aforesaid,
one of the major factor that is hitting the turmeric farmers is increased yield in
Maharashtra and other state. Jeera futures (Mar) is likely to witness an upside
momentum & test 15700-15800 taking support near 15300 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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