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Turmeric futures (Dec) is likely to trade with a downside bias & witness selling pressure with every rise, facing resistance near 6755 levels. This season the crop is seen up 20% as farmers deserted other non-lucrative crops such as maize in Erode and sugar in Maharashtra, and switched back to turmeric, which led to a further rise in acreage of the yellow spice. Longer shelf life and use of the spice for
medicinal purposes because of presence of curcumin is also a reason why farmers opted for turmeric crop. Moreover, the market participants won’t be taking fresh long positions in this counter as the harvest will start in December. Jeera futures (Dec) is looking bullish and it can test 21400 levels owing to rise in demand because of Diwali and prospects of lower area under the crop. Moreover, carryover stocks are seen at 200,000-300,000 bags (1 bag = 55 kg), way less than the desirable 500,000 bags. The new crop will only start arriving in February and that will also keep prices propped higher. The rally will possibly continue in coriander futures (Dec) towards 6670 levels. According to sources, this year Rajasthan and Gujarat may see a decline of sowing upto 30%, which is expected to have a profound effect on the supply. Also, internationally coriander crop in Ukraine,
Bulgaria and Russia is estimated to be roughly half this year. In view of these conditions, it seems that at least 40% reduction in coriander crop can be seen globally.
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