In turmeric futures (May), consolidation with a downside bias can be seen in a broader range of 6300-6425.
On the spot markets, spot prices of turmeric at the
markets in Erode ruled stable on strong demand. Nearly 60 per cent of the arrivals
were sold on Wednesday. Traders have received good demand from North India. Of
the arrival of 4,300 bags, the traders have procured 60 per cent stocks. The bullrun is likely to prevail in jeera futures (May) and in days to come it may test 17300-
17400 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) trend has turned positive & looking bullish to test 7500-7600 amidst
due to concerns of output & is expected to take support near 7000 levels.
Cardamom futures (May) is expected to test 1780 levels. Tight supply and a drop in
output has seen the average prices of cardamom at the Bodinayakanur (Tamil
Nadu) auctions touch a new high of Rs.1,752/kg.
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