We may see lower level buying in turmeric futures (May) in the range of 6350-6420 levels.
The positive sentiments
prevailing on the spot markets may lift the counter to 6700-6750 levels. In the present scenario, buyers are reported to be active in
the spot as new crop supply continued. New turmeric supply in to Andhra Pradesh Duggirala market has started. Local traders are
likely to become active in coming days at lower price levels as Maharashtra production estimate reported lower as a result of
drought condition. Demand for the new crop arriving in Nanded, Hingoli and Basmath, the key markets in Maharashtra, is seen
higher. On the supply side, as per trade information, currently, all India turmeric stocks are reported around 15 - 18 lakh bags in the
spot. Cardamom on the national bourse is trading at two year high owing to anticipation of severe supply shortages in the ongoing
season. Going ahead, we may see more upside of 2000-2100 levels. At the auctions, the premium variety touched Rs.2,000 per
kg. The local prices have been ruling above Rs 1,200 per kg for several months. Last time the prices touched such a level was
back in 2011. The prolonged dry weather in the past few months led to drying of the plants. On the demand side, small quantities
are getting exported to other Gulf countries like Dubai, Kuwait and Doha. The exporters are willing to buy at higher rates as no
other good quality cardamom is available in the market now. Coriander futures (May) may rise towards 7400-7450 levels tracking
bullish sentiments prevailing on the spot markets. The market participants are expecting shortages & anticipating higher demand
day’s ahead.
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