Turmeric futures (Apr) is expected to see an upside of 6500-6550, taking support near 6345 levels.
The arrival of new turmeric for sale has been increased. Turmericmarkets have received 4, 000 bags including 3,500 bags of new turmeric. 85 per
cent stocks were sold. The traders have received some fresh upcountry demand so
they have purchased good number of turmeric bags and quoted increased price.
Jeera futures (Apr) is likely to face resistance near 15700 levels. The upside may
get limited due to improved output prospects for 2018-19 (Jul-Jun), 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 looking bullish and the upside can get
extended towards 6700 levels. On the spot markets, new arrivals of good quality
have started coming in markets, buying is also improving day by day along with
rising prices.
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