Turmeric futures (June) is expected to trade sideways in the range of 6800-7000 levels.
The spot price of turmeric has been decreased on Wednesday. At the Erode
Turmeric Merchants Association Sales yard, finger turmeric was sold at `5,222-
7,499 a quintal, root variety was sold at `5,157-6,984. At the Erode Cooperative
Marketing Society, finger turmeric was sold at `6,489-7,291. Root variety was sold
at `6,293-6,836. Jeera futures (June) will probably take support near 17200 levels
& any sharp correction may get limited. 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 get
extended as it can test 2500-2550 levels. If the growing regions have received
sufficient summer rains, the season could have expected by June-July. But the
paucity of rains is likely to delay the flowering and the crop can be expected only by
September. The production will also be lower in the coming season from last year’s
figure of around 25,000 tonnes. Dhaniya futures (June) is expected to take support
near 7205-7160 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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