Turmeric futures may trade higher taking support above 4520 levels. In a recent development, The Andhra Pradesh government has sought central approval for procurement of 25,000 tonnes of Turmeric under the market intervention scheme, to stop the fall in prices of the spice.
The state government (60 per cent of the country’s output comes from Andhra) has suggested procurement at Rs 4,500 a quintal (Rs 45 a kg), according to officials.
Jeera futures may remain below 14900 levels, owing to profit booking from higher levels & dull export demand. Moreover, though cold may damage crop in some parts of Gujarat and Rajasthan, the impact is unlikely to be severe.
Pepper futures expected to hold above 29000 levels. Exporters are showing interest in buying best quality black Pepper which has more oil content on the expectation that prices may be quoted higher. Buyers from overseas market are waiting for the new crop from Vietnam.
Chilli futures may remain in bearish zone as the total arrival of new Red Chilli has increased at the spot markets.
Courtesy: SMC Global
Looking for a trading partner? visit commodityonline.com/franchisee
