We may see lower level buying in turmeric futures (May) in the range of 6350-6420 levels.
The positive sentiments prevailing on the spot markets may lift the counter
to 6700-6750 levels. In the present scenario, buyers are reported to be active in the
spot as new crop supply continued. New turmeric supply in to Andhra Pradesh
Duggirala market has started. Local traders are likely to become active in coming
days at lower price levels as Maharashtra production estimate reported lower as a
result of drought condition. Demand for the new crop arriving in Nanded, Hingoli
and Basmath, the key markets in Maharashtra, is seen higher. On the supply side,
as per trade information, currently, all India turmeric stocks are reported around 15
- 18 lakh bags in the spot. Cardamom on the national bourse is trading at two year
high owing to anticipation of severe supply shortages in the ongoing season. Going
ahead, we may see more upside of 2000-2100 levels. At the auctions, the premium
variety touched Rs.2,000 per kg. The local prices have been ruling above Rs 1,200
per kg for several months. Last time the prices touched such a level was back in
2011. The prolonged dry weather in the past few months led to drying of the
plants. On the demand side, small quantities are getting exported to other Gulf
countries like Dubai, Kuwait and Doha. The exporters are willing to buy at higher
rates as no other good quality cardamom is available in the market now. Coriander
futures (May) may take support near 7030 levels tracking positive & steady
sentiments prevailing on the spot markets. The market participants are expecting
shortages & anticipating higher demand day’s ahead.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
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