CAPITALSTARS MONDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 24 Sept 2018

CapitalStars Investment Adviser

The trend of turmeric futures (Oct) is still bearish & hence may witness selling from higher levels facing resistance near 6615 levels. The sentiments on the spot

markets are weak & the turmeric prices are decreasing day by day, as the stockists are not showing interest in buying the low & medium quality of the yellow spice that

are arriving. So far, there has been good monsoon rain in the key producing areas so that there is a possibility of increase in the yield. The initial estimates show that this year turmeric production can be around 75 to 80 lakh bags. At this time turmeric stock is around 28 lakh bags, which can last between 5 to 7 lakh bags at

the end of the year, so that availability of turmeric in the coming year is likely to be around 85 lakh bags. Jeera futures (Oct) is expected to witness a downside

momentum as profit booking may break the support near 19350 levels to fall further towards 19000. Spot jeera prices have started showing signs of weakness

at major markets in the country amid weak demand against better arrivals. The supply in Unjha, Gujarat, have rose by 2,000 bags (1 bag = 55 kg) to 8,000 bags.

Cardamom contracts have already hit a 17-month high due to strong demand and because production in 2018-19 (Jul-Jun) is expected to be low. However, there is

more room for upside as it has the potential to test 1450 levels. At the auctions in Idukki, the price of cardamom has crossed the Rs.2,000 mark a kilogram. The

market participants are expecting a drop of over 60% in total production.

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