The bullishness is likely to prevail in turmeric futures (June) and the counter is expected to rally towards 7300-7350 levels
The prices of turmeric are increasing
on the spot markets due to strong demand amid limited supply of good-quality
stock in the market. Moreover, trading activity at Sangli, Maharashtra, is increasing
due to better quality of turmeric in comparison with the Erode market. There is
more room for jeera futures (June) to move forward & test 18100-18200, taking
support near 17590 levels. It is reported that good quantities of jeera are being
exported to China and Dubai, and more enquiries are coming for the spice. The
lower output in Syria and Turkey has led to a shift in demand to India & hence jeera
is witnessing a buying spree from exporters as well as bulk buyers. The bullish
trend is expected to take hold of cardamom futures (June) and drive it towards
2400-2450 levels. This season prolonged dry spell over the past month has
damaged 40% of plantations in key growing areas of Kerala. Also, incessant rains,
strong winds, landslides, and water stagnation have had a devastating effect on
the sensitive crop and the damaged plantations are beyond recovery. Dhaniya
futures (June) is expected to trade on a bullish note & test its previous high of 7675.
Going ahead, if it sustains above this level, then we may see further upside of 7800
levels. The sentiments are positive because of lower supply in the key spot markets
of Rajasthan and rise in demand from domestic buyers. Ideally, spot markets in
Rajasthan should receive around 30,000-35,000 bags (1 bag = 40 kg) in this
period. But due to lower crop this year, only 7,000-8,000 bags are seen.
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