Turmeric futures (May) is on the way to test 6800-7000 & witness a rise for the third consecutive week on the back of strong demand emerging on the spot markets.
The turmeric traders of Erode received fresh demands and so they are buying good
number of turmeric for their demand. If the traders receive more upcountry demand they may quote increased price and purchase
more turmeric bags. On the supply side, the new turmeric from Erode area will arrive roughly by the end of April. Already for the
past three months the Mysore and Dharmapuri new turmeric are arriving for sale and traders have purchased the same for their
requirements. Further some good quality is also arriving for sale, so the traders quoting increased price. The price trend of jeerafutures (May) is showing a bullish outlook & also that in days to come, it may head towards 16600-16700 levels. The spot prices in
Unjha is trading at one month high, thanks to robust demand from China and Bangladesh. Prices are rising due to shift in demand
to India as output of major producers countries in the international market is seen lower. It is anticipated that Syrian produce will be
lowered this season due to crop loss resulted by heavy rains and Turkey crop pricing will be higher making Indian crop a viable
option for international traders. Good demand from China and Bangladesh, the top importers of the spice, is expected to support
prices. Coriander futures (May) is likely to move further higher to touch 7300-7400 levels. Combination of low supply this year &
export demand from countries like Malaysia, UAE as well as Saudi Arabia may keep the price trend elevated.
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