Turmeric futures (May) is likely to hover sideways in the range of 6350-6500 levels.
Currently, buyers are active in the
spot amid supply of new crop. The new turmeric supply in Andhra Pradesh Duggirala market has already started, however, the
quantity is on the lower side because the farmers are not getting remunerative prices. Jeera futures (May) is expected to witness
sell on rise & see 16700-16500, facing resistance near 17250 levels. Profit booking coupled with appreciation in rupee against
dollar denting the export demand may weigh on the counter. Cardamom futures have made a new life time high of 2120.60 on the
national bourse & this bullish trend may continue till 2200 levels. This is because of a smaller crop this year and expectations of
further fall in production in 2019-20 (Jul-Jun). Dry temperatures in key growing areas over the past month have led to fears that
output in 2019-20 may fall to 10,000-12,000 tn from 15,000 tn in the current season, which is also down 25% from over 20,000 tn in
2017-18. Already, the cardamom price reached an all-time record of ₹3,000 a kg at the Spices Board of India’s auction centre at
Puttady. The new produce is expected to arrive in the market by June/July. The total quantity is not expected to increase sharply
as drought-hit plants have to be replanted. A newly planted area will provide first yield only after three years. The uptrend of
coriander futures (May) has taken a pause since past four weeks, facing resistance near 7200 levels, while on the contrary taking
support near 7000 levels. Going ahead, we may see another week of sideways movement within this range amid muted domesticand export demand.
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