Turmeric futures (May), consolidation with a downside bias can be seen in a broader range of 6300-6480.
The
sentiments of the market participants are not encouraging as the farmers are in a hurry to sell their produces since the spot prices
are trading near to 3 months low. It is reported that nearly 80% of turmeric farmers of Nizamabad district are selling their crop had
sold the crop as the yield is fetching them below Rs.7,000 a quintal, much below their cost of cultivating of Rs.8,000 per quintal.
Taking advantage of the lower price, the traders are buying this yellow spice from Nizamabad & selling in the Sangli market,
making a profit of at least Rs.2,000 per quintal. The bull-run is likely to prevail in jeera futures (May) and in days to come it may test
17100 levels. The increase is attributed to peak in export demand. March and April are the prominent period for cumin exports from
India. In the present scenario, we are witnessing a shift in demand to India as output in major producers Syria and Turkey is seen
lower. Shortages in the international market have given the Indian exporters an edge to become the sole suppliers & become a
price setter. Coriander futures (May) is trapped in the range of 7050-7250 since past two weeks. This commodity is seeing selling
pressure from higher levels, while on the contrary also witnessing buying on dips. However, the overall bias is positive amidst due
to concerns of output & the supply constraints may drive the counter to 7400, as soon as it breaches 7300 levels.
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