Turmeric futures (June) is expected to trade with an upside bias & may test 7300 levels
The sales of the yellow spice on
the spot markets is increasing against the daily supplies of new crop in Erode market around 4,000 – 5,000 quintals on an average
daily basis, in Warangal market, turmeric supply of about 1,200 – 1,500 quintals on an average daily basis. Apart from the arrivals,
as per trade information, currently, all India turmeric stocks are reported around 14 – 16 lakh bags in the spot market. Jeera futures
(June) will possibly maintain its uptrend & may probably witness an upsurge towards 18100 taking support near 17735 levels.
According to trade sources, cumin seed production in Syria is estimated lower at 25,000 tons this year as major part of their crop
has been damaged and discolored due to heavy rains. While, in Turkey jeera production is estimated at 8,000 tons as rains have
damaged 25% of the crop. The market participants are highly optimistic that this deficit in the international market would be filled by
India & hence this commodity is witnessing buying spree from exporters and bulk buyers as they are expecting export demand to
increase in the coming months. In cardamom futures (June) the market participants should trade with caution & avoid taking long
positions as it may face resistance near 2300 levels. It is reported that large-scale imports of cardamom are spurring into India &
routed through neighboring countries, which under bilateral trade pacts attract a significantly lower import duty.
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