Turmeric futures (Apr) is expected to gain further towards 6405 taking positive cues from the spot markets.
Traders at the markets in Erode evinced interest in
buying the new turmeric. On Thursday, the arrival of new turmeric increased to
1,500 bags. Regarding the prices, root variety decreased in all the markets due to
quality, while good numbers of finger turmeric were sold. Jeera futures (Mar) is
expected to rally towards 15920 levels, taking support near 15675. Spot jeera
prices continued to rule steady at major markets in Gujarat in limited trade on
matching demand and supply. This season, Gujarat has witnessed lower sowing,
but due to cool weather persisting for a longer time, the yields are expected to get
better. In Rajasthan, the climatic conditions are also proving to be beneficial for the
standing crop & hence the production is likely to be higher. Coriander futures (Apr)
is expected to face resistance near 6420 levels. Spot coriander prices are trading
with a bearish bias at major markets in Gujarat, Madhya Pradesh and Rajasthan
due to heavy arrivals from the ample old stocks. While, prices quoted lower at
major markets in Gujarat due to increased arrivals & having higher moisture
content. On the other hand, there was no report of new crop arrival in Madhya
Pradesh.
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