CAPITALSTARS FRIDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE

CapitalStars Investment Adviser

Turmeric futures (Dec) is expected to trade sideways in the range of 6540-6670 levels. The prices of the both varieties of turmeric were increased on Thursday. The sale and price has been increased due to some local demands. The price of the finger turmneric increased by Rs.450 a quintal at the Regulated Marketing Committee, Rs.200 a quintal at the Erode Turmeric Merchants Association Sales yard and Rs.100 a quintal at the Erode Cooperative Marketing Society. Similarly the root variety was increased by Rs.200 a quintal in all the markets. Jeera futures (Dec) is expected to witness a consolidation in the range of 19400-20400 levels with upside getting capped. With the end of the festive season, uptrend is unlikely to continue in the coming days. Demand may weaken at domestic level ahead. Spot jeera prices fell further at key markets in the country as acreage under the

spice is expected to improve, in contrast with an anticipated year-on-year fall earlier. At Unjha, prices softened by Rs.25 per 20kg. A similar trend was seen at other markets in Gujarat. Major markets of Rajasthan also witnessed a decline of Rs.50-100 per quintal in prices. Coriander futures (Dec) is expected to maintain its uptrend taking support near 6500 levels. Spot coriander prices continued to remain higher at major markets in the country with increasing demand. Meanwhile, farmers are mostly restraining themselves from sowing due to deficient monsoon. Sowing is lagging behind by 40-50 percent in Gujarat. While, it has not yet started on a large scale in Madhya Pradesh and Rajasthan but sources are estimating a cut in production in these two states also. The sentiments have turned bullish and prices are being strengthened amid very slow progress in sowing in Gujarat and

deficient rainfall. 

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