Turmeric futures (June) is expected to trade with an upside bias, may even breach the resistance near 6650 & rise to test 6700-6750 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) posted strong gains in the past week & even closed above the
weekly resistance near 17600-17700 levels. This has confirmed that the uptrend will persist in days to come & may probably
witness an upsurge towards 18000 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 we might see profit booking towards 2050 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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