CAPITALSTARS TUESDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE

CapitalStars Investment Adviser

Turmeric futures (Nov) is expected to face resistance near 6825 & the upside may remain capped taking negative cues from the spot markets. The price of turmeric declined in all the markets due to arrival of poor-quality turmeric. At the Regulated Marketing Committee only 20 per cent was sold due to arrival of very poor quality turmeric. Finger turmeric decreased by Rs.800 a quintal at the Regulated Marketing Committee and Rs.300 each at the Erode Turmeric Merchants Association sales Yard and Erode Cooperative Marketing Society. Jeera futures (Nov) is expected to trade sideways with an upside bias taking support near 19450 levels. Scanty rainfall during the crucial Jun-Sep monsoon season and so far in October in major jeera growing states–Gujarat and Rajasthan is likely to hit sowing. As domestic demand continues to remain firm, a rise in export enquiries from China, Bangladesh, and Singapore may also push prices higher. Coriander futures (Nov) may test 6000 on the higher side taking support near 5750 levels.Spot coriander prices continued to rule firm at major markets in the country due to adverse weather conditions in key producing belts. The prices gained further by Rs.15-25 per 20kg at key markets in Gujarat and by Rs.50-100 per qunital at markets of Rajasthan and Madhya Pradesh. However, arrivals remained good butat the same time consistent demand is also being seen which mainly led to a rise in prices. 

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