Turmeric futures (June) will probably trade with an upside bias in the range 6880- 7100 levels.
The market participants would also keep a
watch on the sowing progress in the areas of Telangana, which will begin from Jun
10. Jeera futures (June) is expected to trade with an upside bias in the range of
17285-17515 levels. The sentiments of the traders at the spot markets are positive
due to heavy purchases being made by the exporters and wholesalers. Good news
for India's cumin exporters is that its yield in Syria will be lower this year & the crop
usually comes in the middle of June. This means that overseas demand for cumin
seeds from India can remain strong in the foreign market for the coming few
months. Cardamom futures trend is bullish on account of crop losses over last
couple of years & expectation of decline in arrivals in the coming days. A likely delay
of around two months in the new harvest season and lower output view in the
coming 2019-20 (Jul-Jun) season further raised concern over supply. According to
market estimates, the cardamom crop may fall to 7,000-8,000 tn in 2019-20 (JulJun), the lowest in two decades. Hence, in days to come it may test 2500 levels.
Dhaniya futures (June) is likely to remain stuck in the sideways range of 7300-7430
levels with upside getting capped. The reason being is the increasing stock at
exchange-accredited warehouses of 5007 tons as on 30th May, higher by 59%
since the beginning of last month.
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