Turmeric futures (June) is expected to trade with an upside bias, & as it has breached the resistance near 6650 it is likely to rise & test 6800-6850 levels
The
sales of the yellow spice on the spot markets is increasing against the daily supplies
of new crop in Erode market around 4,000 – 5,000 quintals on an average daily
basis, in Warangal market, turmeric supply of about 1,200 – 1,500 quintals on an
average daily basis. Apart from the arrivals, as per trade information, currently, all
India turmeric stocks are reported around 14 – 16 lakh bags in the spot market.
Jeera futures (June) will possibly maintain its uptrend & may probably witness an
upsurge towards 18000 levels. According to trade sources, cumin seed production
in Syria is estimated lower at 25,000 tons this year as major part of their crop has
been damaged and discolored due to heavy rains. While, in Turkey jeera
production is estimated at 8,000 tons as rains have damaged 25% of the crop. The
market participants are highly optimistic that this deficit in the international market
would be filled by India & hence this commodity is witnessing buying spree from
exporters and bulk buyers as they are expecting export demand to increase in the
coming months. In cardamom futures (June) the market participants should trade
with caution & avoid taking long positions as we might see profit booking towards
2050 levels. It is reported that large-scale imports of cardamom are spurring into
India & routed through neighboring countries, which under bilateral trade pacts
attract a significantly lower import duty.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
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