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Turmeric futures (Dec) is expected to trade sideways in the range of 6450-6660 levels due to mixed sentiments. The buying activities by stockiest have slowed down due owing to higher arrivals. As per trader, the demand has slowed after the end of the festive season. On the contrary, the Cyclonic storm Gaja may also affect turmeric crops in the state of Tamil Nadu. Yield this year may be affected owing to deficient rainfall in key producing regions. The extent of crop losses may be severe in Maharashtra as the state is facing a drought like situation. If production falls as per expectations then a short term uptrend in prices can't be ruled out. Jeera futures (Dec) will possibly witness an extended correction towards 19400-19300 levels, hence sell on rise would be recommended for this week. The fundamentals have shifted its focus to bearish side as the acreage under the spice is expected to
be better than earlier estimate. Sowing and yield are likely to improve in Gujarat as the state government has said it will provide water from Banaskantha canal for irrigation. The uptrend is likely to persist in coriander futures (Dec) as it can take support near 6735 levels due to a likely fall in acreage due to dry conditions in Rajasthan and Gujarat–the top producers. The sowing is lagging behind badly in Gujarat. At Junagarh, coriander has been sown only in 300 hectares so far as
compared to 7,600 hectares during the same period last year. Meanwhile, the sowing has not yet started in the areas of Madhya Pradesh and Rajasthan.
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