Turmeric futures (May) has witnessed a strong bounce back from its multi-months low & this optimism will possibly continue to persist till 6645 levels.
The new arrivals that are coming to the spot markets are with less moisture content & hence
attracting the stockiest with renewed buying interest. Jeera futures (May) is likely to breach the resistance near 16415 & move
ahead to see 16600 levels. In past weeks, the market participants have enlarged their positions on uptick in demand for good
quality new crop. This is the reason that despite of higher arrivals prices have not fallen as there is good buying in markets.
Globally, the buying interests from overseas buyers are not much as they are waiting for the new crop from Turkey and Syria which
will start to arrive from May and June. Back at home, there are full hopes that indication of lower output from these origins will
propel Indian cumin exports which will drive the jeera prices. Until then domestic demand story will push up the counter. Coriander
futures on the national bourse has made a yearly high of 7345 last week & all because of extensive buying of all good quality
colored seeds by the stockiest on the spot markets. In addition to it, export buying which is also seen is aiding to the demand
keeping the prices high. Day’s ahead, these factors would continue to act as a catalyst to fuel up the May contract towards 7400
levels. Buying on dips would be suggested for cardamom futures (May) as it can take support near 1615 levels. The reasons are
scorching hear drying up the plants reducing yield this season.
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