MCX Service- The signs of decline in turmeric, the trend of softening in cumin

MCX Service| If the monthly chart is seen, the prices of turmeric futures (October) are broken down to the average movement level of 100 days of 6,640 rupees.

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Due to weak fundamentals such as higher production estimates and current sluggish demand this year, prices may continue to decline up to Rs 6,500. Due to poor quality arrivals, there is pressure on prices in Erode’s markets. In the next season, the farmers are bringing their stocks to the market with better production estimates.

The prices of cumin futures (October) can be retained and its prices can go down to Rs.19,200. There is pressure on prices due to weak demand at higher prices and good rains in Saurashtra in Gujarat. Due to good rainfall in major producing areas, the expected sowing of cumin has increased in the season beginning from October.

Prices of cardamom futures (October) may continue to rise to Rs 1,460-1,480. In the last few months, due to sustained rain in Kerala, the traders are likely to reduce the production of cardamom in 2018-19 (July-June) due to damage to the crop. It is estimated that the production of cardamom in the year 2018-19 is estimated to be 12,000-15,000 tonnes compared to the previous year. The second phase of harvesting in the middle of September is an important factor, on which the quality of the crop will be determined. At present, due to unfavorable weather, harvesting is delayed and due to crop damage, prices can be helped.

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