Turmeric futures (Apr) is expected to consolidate in the range of 6220-6320 levels.
CAPITALSTARS INVESTMENT ADVISOR
In the current scenario, many turmeric farmers have reduced their bringing of
turmeric for sale. Similarly the traders also purchased very limited stock of turmeric
for their requirement alone, the arrival of has gone down. The traders also getting
very limited upcountry demand for turmeric. At the Erode Turmeric Merchants
Association sales yard it was decreased by ₹100 a quintal when compared to
previous day sale price. Jeera futures (Apr) is likely to face resistance near 15850
levels. This season there are 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 likely to trade sideways to
down in the range of 6500-6650 levels. On the spot markets, new arrivals of good
quality have started coming in markets.
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