Turmeric futures (May) is expected to rise to test 7000 levels taking positive cues from the spot markets.
After nine days
closure of the Erode Turmeric Markets for local Mariamman festival, has been reassembled on Monday. Many traders have
expected low arrival, but the farmers have brought 4,000 bag for sale. The buyers after examining the samples have quoted
increased price for the commodity. This is due to the fresh demand received by the traders from North India. They purchased more
than 60 per cent of the arrived turmeric. Jeera futures (May) is likely to breach the resistance near 16300 & move ahead to see
16500 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 buyinginterests 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 cuminexports which will drive the jeera prices. Coriander futures (May) is likely to take support above 7150 levels. 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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