The short covering in turmeric futures (Apr) is likely to face resistance near 6420 levels amid supply pressure of new crop & estimates of higher output.
The prices of old and new turmeric were increased. Though traders are not getting any upcountry demand for the turmeric, the traders quoted increased price for both the new and old turmeric. Jeera futures (Mar) is likely to remain below 15780 levels. Onthe pot markets, the prices are showing a negative reaction to the arrivals which are sharply higher than expectations & with buyers reported to be less, a selling pressure Is getting built over the counter. Coriander futures (Apr) is expected towitness lower level buying taking support near 6080 levels. The new coriander crop, which started coming into the key wholesale market of Ramganj in Rajasthan, is being sold at a price 20% higher than last year. Cardamom futures (Feb) may face resistance near 1620 levels. On the export front, the demand is getting dull as India is out of the league because of the pesticide issue with Saudi Arabia. The market participants are pessimistic and expecting that overseas sales of cardamom slump to an 11-year low. After a year of record high exports of 5,680 tons in 2017-18, it is being anticipated that in 2018-19, this figure may be in three digits of merely 900 tons.
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