SMC’s commodity updates for Oct 6 | commodity outlook for the day | IndiaNotes.com
Turmeric futures (Nov) may witness a consolidation in the range of 7200-7340 levels & trade with a downside bias. Spot Turmeric on Thursday ruled steady in the major markets across the country due to thin business activities.
Whereas, Sangli market remained closed due to alternate day auction, and no stock were brought by the farmers. T urmeric outlook is not certain due to weak fundamentals and the market participants have opted wait and watch approach as they are eagerly waiting for the E-Auction which is held on 9th October by AP Markfed.
Jeera futures (Nov) is expected to trade in the range of 19000-19400 levels. The downside may remain capped owing to optimisim that exports may get better in days to come. India’s exports of jeera are likely to have risen 2% on year to 70,000 tn in Apr-Sep due to waning stocks in other major exporting nations, as per market estimates.
The country had exported 68,600 tn of the commodity in the corresponding period last year , according to Spices Board India. Jeera from India is being offered at around $2,600-$2,900 per tn, free on board, in international markets. Coriander futures (Nov) will possibly trade sideways in the range of 4900-5100 levels. As per traders from Ramganj, arrivals were reported lower as the farmers are focusing more on Soybean and Urad.
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