Turmeric futures (June) is expected to trade sideways in the range of 6985-7120 levels.
On the spot markets, Turmeric prices and sales were down due to low
demand.At the Erode Turmeric Merchants Association Sales yard, finger turmeric
was sold at Rs.5,211-7,699, root variety was sold at Rs.4,309-6,809. At the
Regulated Marketing Committee, finger turmeric was sold at Rs.6,355- 7,308, root
variety at Rs.5,709-6,730. Jeera futures (June) will probably take support near
17300 levels & any sharp correction may get limited. The reason being this season
this commodity is witnessing rise in demand as likely lower output in Syria and
Turkey, both major producers, have led to a shift in demand to India. According to
trade sources, jeera production in Syria is estimated lower this year as a major part
of its crop was damaged by heavy rains. Jeera is witnessing a buying spree from
exporters and bulk buyers as they are expecting demand in the overseas market to
increase in coming months. The gains in cardamom futures (June) is seen to get
extended as it can test 2500-2520 levels. If the growing regions have received
sufficient summer rains, the season could have expected by June-July. But the
paucity of rains is likely to delay the flowering and the crop can be expected only by
September. The production will also be lower in the coming season from last year’s
figure of around 25,000 tonnes. Dhaniya futures (June) is expected to take support
near 7260 levels. The sentiments are firm on the spot markets because of lower
than expected arrivals & anticipation of higher demand in coming days.
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