Turmeric futures (June) will probably trade with an upside bias in the range 6850-6930 levels
. In Maharashtra, the sowing is likely to get delayed by 20-25
days due to water scarcity in key growing areas. 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 17485-17615 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 (Jul-Jun), the lowest in
two decades. Hence, in days to come it may test 2500 levels. Dhaniya futures
(June) is likely to trade with a negative bias & test 7200-7150 levels. 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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