Turmeric to trade up; Sugar may fall further

Jeera futures (Aug) is expected to trade higher taking support near 18785 levels. Arrival of commodity is low in market. It has dropped up to 2000-2500 bags per day. Farmers are busy in kharif crop cultivation. Business activities are muted at upper level. The exports have already crossed 50,000 tonnes and similar quantity is likely to ship in the remaining season as overseas buyers. At present India is the country only having sufficient quantity to sell.

Turmeric futures (Aug) is expected to remain stable & trade with an upside bias taking support near 7900 levels. Spot turmeric prices remained stable at Erode markets and 65 per cent of the arrivals were sold.  Further only one or two upcountry orders have been received by some traders. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs.7,129-9,099 a quintal; the root variety Rs.7,044-8,110.

Sugar futures (Oct) is expected to fall further towards 3765 levels. Sugar prices ruled unchanged on routine activities on Tuesday. Supply from producers and local demand remained routine. On the international market, ICE raw sugar futures tumble 0.65 cent, or 3.2 percent, at 19.63 cents per lb.

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 7600 levels. The market participants at the spot markets are anticipating that prices are likely to improve in the coming days as some exports inquiries has been witnessed in recent times.

Refined soy oil futures (Aug) is expected to consolidate with a downside bias in the range of 625-630 levels. CPO futures (July) will possibly slip further towards 480 levels respectively tracking bearish fundamentals of their counterparts on the international markets. Malaysian palm oil futures plunged to a near 10-month low at 2,188 ringgit ($552.53) a tonne on Tuesday after data showed exports plummeted more than expected and on an appreciating ringgit.


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