Turmeric futures (Apr) is expected to take support near 6280 levels & witness short covering taking positive cues from the spot markets.
CAPITALSTARS INVESTMENT ADVISOR
Arrivals of new turmeric to the
markets in Erode increased. The price of finger and root varieties of new turmeric,
too, improved. The traders have purchased all the arrivals. The arrivals to improve
further from next week and the traders may buy more as they have received some
fresh upcountry demand. Jeera futures (Mar) is expected to rally towards 15700-
15800 levels, taking support near 15540. Spot jeera prices continued to rule steady
at major markets in Gujarat in limited trade on Tuesday id 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 plunge
towards 6000-5900 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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