Turmeric futures may trade higher as the Andhra Pradesh government sought permission of centre to procure Turmeric from the farmers.
Chilli futures may see some more downside owing to higher levels & stockiest offloading their stocks on the spot markets.
Moreover, Red chill production may be around 12-13 lac tons which was recorded around 8 lac tons last year.
Jeera futures (Feb) is expected to hold support above 14000 levels. Cumin Seed quoted up at the spot markets on expectation of damage in crop on shivering cold. Some enquiries from Delhi and Kolkata side have been prevailed.
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.
Pepper futures may trade in a bearish zone, facing competition with Vietnam. In the international market, Indian black Pepper MG 1 is quoted at USD 6,400- 6,425 per ton CNF Europe and USD 6,700-6,725 per ton C&F US. Vietnam’s GL 500 at USD 5,730, 550 GL FAQ quoted at USD 6,050 per ton FOB.
Courtesy: SMC Global
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