Turmeric futures (May) is expected to witness a consolidation in the range of 6500-6700 levels.
On the spot markets, the
traders are expecting Erode turmeric which is in harvest stage now and within three week, roughly by the end of April the Erode
new turmeric may arrive for sale, when the buyers will buy good number of bags. Regarding the price, the traders for want of good
quality arrival, quoted decreased price for the medium quality as Rs.7,400 to Rs.7,600 a quintal of finger turmeric. This is Rs.350 a
quintal less than previous day price. Similarly they quoted decreased price for the root turmeric also due to quality. Jeera futures
(May) has breached the resistance near 16300 & may from here may move ahead to see 16500-16550 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 7080 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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