Jeera likely to trade higher; Turmeric may remain stable

Jeera futures (Aug) is expected to trade higher taking support near 18650 levels. Cumin traded strong in Jodhpur agriculture market after buying at upper level. Supply has also shrink at upper level. Farmer and local traders are gradually selling their stock on expectation of better price.

Turmeric futures (Aug) is expected to remain stable & trade with an upside bias taking support near 7950 levels. Demand in turmeric improved in the last few days and prices are likely to improve as stocks are likely to shrink in the coming months due to lower production amid back-to-back years of drought. Spot turmeric prices increased at Erode markets on Wednesday due to fresh local demand. Turmeric growers brought a limited stock of 3,500 bags and 70 per cent of the stocks were sold. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs.7,289-9,069 a quintal and the root variety Rs.7,088-8,391.

Cardamom futures (Aug) is expected to trade higher taking support near 895 levels. Many small and medium stockiest who needed small volumes covering anticipating a delay in the arrival of the next crop. The next crop is also expected to be less and likely to hit the market only by next month end.

Coriander futures (Aug) is likely to witness an upside momentum taking support near 7575 levels. Arrival of coriander in Kota and nearby markets is around 5,500 bags per day. Activity in the market is mostly dull due to rainfall in many parts, however traders in need are buying directly from stockists. Coriander prices could improve in the coming days in case supply remains thin in the market.

Soybean futures (Oct) is likely to trade higher & test 3910 levels. SOPA projected current year 2015-16 soybean crop at 69.29 lakh tonnes with opening stock of 6.12 lakh tonnes and the total availability sum up at 75.41 lakh tonnes. Stock with crushers and traders are likely to around 2.57 lakh tonnes as on June 31, while holding with farmers are expected to be around 11.96. On CBOT, U.S. soybeans rose 1 percent on Thursday extending gains into a third session, as concerns over potential yield reducing weather in key production regions in the United States pushed prices towards a more than one-week high. The most active soybean future on the Chicago Board Of Trade rose 1 percent to $11.16 a bushel, having firmed 1.8 percent on Wednesday when prices hit a high of $11.19-1/2 a bushel - the highest since July 5.

Mustard futures (Aug) is expected to take an attempt to test 5000 levels & trade even higher. Mustard seed prices are largely supported by oil demand amid low arrivals in spot market. Stocks are very low in the market but demand is seen improving, hence, firm trend in prices of mustard seed is expected in days to come.

Get real time advice from Our Best Advisory -  Capitalstars