The bearish trend of turmeric futures (Apr) is likely to get extended further to test 6300 amid supply pressure of new crop & estimates of higher output.
On the spot
market, the new turmeric price also showed a dip. This decrease is due to quality
and also there was no major upcountry demand. The arrival of new turmeric is also
remains low and the traders are expecting good arrival of new turmeric within a
week’s time. Jeera futures (Mar) is likely to go down further & test15500 levels. On
the spot 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 to
witness lower level buying taking support near 6545-6500 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 enter a correction mode to test 1530 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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