Improved Festive season demand from North India amidst good demand for good quality stocks enabled Turmeric to find some strong support near the 8000 levels. There are also reports of stockists reportedly holding on to the stocks in anticipation of a recovery in price. A fall in production from adverse weather conditions could also keep medium term sentiments firm. Agriculture Department estimates put turmeric production this year at around 3.7 million bags compared with 5.2 million bags a year ago. Low quality arrivals had kept pressure on prices
Archive for March, 2015
Jeera failed to recover as higher arrivals of the new crop kept pounding the market sentiments as more corrections were noted for the commodity. Clearer skies in Rajasthan and Gujarat helped increase the arrival pressure. Short term trend likely to remain volatile. But as arrivals slow down in coming weeks, the export and domestic demand are expected to rise again leading to firmness for the commodity prices. The recent rains in Gujarat and Rajasthan created apprehensions of crop damage. Again, an expected 25-30% lower sowing area
Mentha Oil traded sideways as no strong report emerged from the markets. Clearer skies in UP kept sowing prospects on the higher side. The recent rains had created apprehensions of crop damage leading to strong recovery in prices, but lack of strong demand kept pressure on the prices
Chana recovered strongly from these levels as pick up in Festive season demand perked up prices even as higher arrivals kept uptrend limited. With Festive season demand starting to rise, further downtrend may be limited for the counter as of now. Clear skies over MP and Rajasthan enabled higher arrivals of the crop. But overall lower sowing area and the recent crop damage reports supported the prices at the lower levels and some recovery was seen by end of the day.
Chana traded with high volatility as clear skies over MP and Rajasthan enabled higher arrivals of the crop and kept pressure on the market sentiments initially. But overall lower sowing area and the recent crop damage reports supported the prices at the lower levels and some recovery was seen by end of the day. The weekend rains in MP and Rajasthan kept apprehensions of damage to the standing crop.