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Turmeric futures (Dec) is expected to trade sideways in the range of 6400-6500 levels due to mixed sentiments. Spot turmeric prices dropped after arrival of medium quality turmeric and drop in demands. Finger turmeric decreased by Rs.650 and Rs.300 a quintal respectively at the Erode Cooperative Marketing Society and Regulated Marketing Committee. Root turmeric decreased by Rs.250 a quintal in all the markets. Jeera futures (Dec) will possibly witness an extended correction towards 19000 levels. At Unjha, prices softened by Rs.25-30 per 20kg. A similar trend was seen at other markets in Gujarat. Major markets of Rajasthan also witnessed a fall of Rs.100 per quintal in jeera prices. 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 6470 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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