Turmeric futures (Apr) is expected to take support near 6280 levels & witness short covering taking positive cues from the spot markets.
The arrival of turmeric has
been increased on Tuesday. The upcountry demand is expected within a fortnight.
The market participants are expecting the arrival of the new Erode Turmeric by the
first week of March, when abundant demand from North India may be received by
the traders. 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 by Rs.20 per 20kg 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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