Commodity picks

COTTON

Cotton bale prices have come under pressure, due to the ripple effect of global turmoil and threat to demand for fibre. Shankar-6 (29mm), the benchmark variety, has corrected from the high of Rs 34,000 per candy to Rs 33,153 per candy. Negative cues from the world will keep prices under pressure but the downside remains limited due to lower production and higher exports this season. Spot prices are likely to correct towards Rs 32,500 in the next 10 days.

TURMERIC

Turmeric prices in Nizamabad are currently trading at Rs 8,736 a quintal. The production of turmeric from Telangana, a major producer, is expected to be lower. Demand for the yellow spice is also recovering. Prices are, thus, expected to move higher towards Rs 8,900 a quintal.

Prerana Desai
VP, research, Edelweiss Agri Services and Credit Edelweiss Integrated Commodity Management