Cardamom futures (Feb) is likely to trade with a positive bias. Chilly weather in the growing areas of Idukki in recent days may have a negative impact on the growth of the plants. During the current fiscal, exports of Cardamom small are estimated to cross 3,000 tonnes.
Pepper futures may hold gains owing to buying interest and bullish activities on reports of a possible squeeze in supply.
Spot prices in tandem with the futures market trend and some buying interest moved up by Rs 100 to close at Rs 30,400 (ungarbled) and Rs 31,900 (MG 1) a quintal. Indian parity in the international market was at around $6,600 a tonne (c&f) for Europe and about 6,900 a tonne (c&f) for the US.
Turmeric futures may trade bearish owing to selling pressure. Many bags are arriving from Mysore at the spot markets.
The produce is being brought from Gundelpet area in Mysore district, noted for its quality. Gains of Jeera futures may remain capped as there are apprehension that production may be around 35 lakh bags of 60 kg each in Rajasthan and Gujarat on favourable weather (around 32 lakh bags last year). Stocks in NCDEX-accredited warehouses rose by 12 tonnes to 8,365 tonnes.
Courtesy: SMC Global
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