Cardamom futures may continue to post gains &trade higher supported by its bullish fundamentals. Declining trend in the volume of current harvest has pushed up Cardamom prices in the spot markets.
Jeera futures may continue to hold above 14000 levels. Expectation of damage in crop on shivering cold in Banaskatha Distrist of Gujarat and Rajasthan Cumin Seed production areas may add some gains.
Moreover, in the international market, Syrian and Turkey’s cumin seed offered at USD 3,200 per ton (fob), while, Indian cumin seed quoted at USD 2,950 per ton (cnf) Singapore.
Turmeric futures may trade sideways. Arrivals of new crop expected to gain momentum from next week which may put pressure on the market. Pepper futures may remain in bearish zone.
In Vietnam the crop is definitely delayed because of the extended rainfalls they had and its likely to gain momentum only towards the end of March or early April and not before that.
The Indian crop is not that late but its turning out to be very small & farmers are not in a hurry to sell the new crop.
Courtesy: SMC GLOBAL
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