Turmeric futures (May) is expected to consolidate in the range of 6250-6450 levels.
The arrivals of turmeric to all the markets in Erode registered an increase. Due to
higher arrivals, the price did not decrease. On the supply side, the new turmericfrom 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. Jeera futures (May) is likely
to rally towards 16900 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 take support near 7050 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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