Turmeric futures (May) is likely to hover sideways in the range of 6350-6500 levels.
Currently, buyers are active in the
spot amid supply of new crop. The new turmeric supply in Andhra Pradesh Duggirala market has already started, however, the
quantity is on the lower side because the farmers are not getting remunerative prices. Jeera futures (May) is expected to witness
sell on rise & see 16700-16600, facing resistance near 17000-17100 levels. Profit booking coupled with appreciation in rupee
against dollar denting the export demand may weigh on the counter. Cardamom futures have made a new life time high of 2120.60
on the national bourse & this bullish trend may continue till 2250-2300 levels. This is because of a smaller crop this year and
expectations of further fall in production in 2019-20 (Jul-Jun). Dry temperatures in key growing areas over the past month have led
to fears that output in 2019-20 may fall to 10,000-12,000 tn from 15,000 tn in the current season, which is also down 25% from
over 20,000 tn in 2017-18. Already, the cardamom price reached an all-time record of ₹4,000 a kg at the Spices Board of India’s
auction centre. The new produce is expected to arrive in the market by June/July. The total quantity is not expected to increase
sharply as drought-hit plants have to be replanted. A newly planted area will provide first yield only after three years. The uptrend
of coriander futures (May) has taken a pause since past four weeks, facing resistance near 7175 levels, while on the contrary
taking support near 7000 levels. Going ahead, we may see another week of sideways movement within this range amid muted
domestic and export demand.
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