Turmeric futures (June) is expected to trade with an upside bias taking support near 6835-6800.
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 taking support near 17350 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 7205 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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