The upside in turmeric futures (Apr) may remain restricted near 6400 levels.
Thenew crop arriving in the key producing regions of Tamil Nadu and Telangana in
addition with expectation of a higher crop may keep the upside capped. The
deficiency of cultivation area in Telangana & Tamil Nadu has been covered up by
Maharashtra, where the area under turmeric has increased substantially this year
and hence they are expecting an increase of 15 per cent in turmeric production in
2018-19. Also, the demand is sluggish mainly due to the higher moisture content in
the produce being brought by farmers to the markets. According to the marketparticipants this season there is hardly any demand, whereas normally, it comes in
from January 15 and peaks during March. Jeera futures (Mar) is seen taking a Uturn upside towards 15880-16000, forming a base near 15400 levels. Taking
advantage of lower level buying the market participants have started taking long
positions as this season India has become the sole supplier of jeera to the world.
The competitive producers Syria & Turkey are getting washed out of trade &
uncompetitive in the export market. The exporters are getting ready to begin their
buying spree quality of this year crop is expected to be good. With arrivals of the
new crop expected by mid-February and prices already moving higher, the
sentiments are turning to be bullish. Coriander futures (Apr) will possibly trade
range bound within 6065-6320 levels. The downside may remain capped as the
spot markets in in Rajasthan, Gujarat and Madhya Pradesh are sending positive
signals since the farmers are not interested in bringing their produce in mandis at
existing lower prices.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY -
Visit our website : http://www.capitalstars.com/free-trial
CAPITALSTARS CALL US : 9977499927