Turmeric futures (June) is expected to trade with an upside bias in the range of 6950-7100 levels
Spot turmeric
arrivals registered a decline at the markets in Erode. The Erode turmeric market
attracts farmers even from other districts and States because of the potential to get
higher price. This year, Erode farmers prefer to stock their produce and sell it when
price improves. Based on the rainfall forecast for June and July, the demand and
price will be fixed in the coming weeks. Jeera futures (June) will probably maintain
its positivity & trade in the range of 17550-17850 levels. 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 getting limited by facing resistance near 2325-2360 levels. The arrivals of
poor quality of small cardamom has led to weak demand and weighing on prices at
the auction centre. The overall bias of dhaniya futures (June) is affirmative; hence
it is expected to take support near 7450 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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