Turmeric futures (Apr) is likely to be see correction towards 6290-6272, facing resistance near 6415 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 Maharashtraand other state. Jeera futures (Mar) is likely to witness an upside momentum & test
15700-15800 taking support near 15500 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 sun-shadow 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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