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| CapitalStars Investment Adviser |
NCDEX Jeera Nov futures edged higher for third consecutive day on Wednesday to climb highest in 2018 mainly on expectation of better physical demand as prices slump to 3-week low last week. During monsoon season, Jeera producing districts of Gujarat received scanty rains, which will affect its production in next season. The prevailing water crisis may curtail jeera sowing by about 25% from last year’s 7.80 lakh ha. Jeera exports (both in seed and powdered form) down 20% on year in August 2018 to 11,324 tonnes (Vs 14,283). However, jeera exports in 2018/19 (Apr-Aug) has crossed 1 lakh tonnes, up 54.8% compared to exports last year for same period as per data released by Commerce Ministry. Seasonally, the exports of Jeera dip during the 4th quarter of the calendar year.
NCDEX Turmeric closed lower on profit booking after it touched 7-week high earlier in the session. The prices have been trending higher on expectation of improving physical demand. However, expectation of good crop next year is keeping prices under pressure. During the September, arrivals of turmeric have been higher at 12,478 t (Vs 10,978 t) compared last year, as per Agmarknet data. As per data released by Commerce Ministry, turmeric exports during the month of August 2018, increase by 51.6% on year to 12,045 tonnes (Vs 7,944 tonnes). Turmeric exports in 2018/19 (Apr-Aug) is up 9.7% at 56,483 tonnes compared to 51,502 last year for the same time.
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