Turmeric futures (June) is expected to trade with an upside bias & breach the resistance near 6800 to test 6850-6900 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 taking
support near 17455 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 a consolidation in the range of 2070-2170 levels. It is reported that largescale imports of cardamom are spurring into India & routed through neighboring countries, which under bilateral trade pacts attract
a significantly lower import duty.
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