Turmeric futures (May) is expected to witness a consolidation in the range of 6500-6800 levels.
Spot prices of the turmericincreased at the markets in Erode on Wednesday as traders received some upcountry orders. During the past few days, the
traders have received some fresh upcountry demand and purchased almost all the medium and good quality turmeric. Regarding
the price, finger turmeric was up by Rs.150-200 a quintal in all the markets, but the root variety lost Rs.250. Jeera futures (May)
has breached the resistance near 16300 & may from here may 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.
Coriander futures (May) is likely to take support above 7050 levels & trade with an upside bias. The prices are firm on the spot
markets 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.
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