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Turmeric futures (Apr) is expected to trade with a downside bias & test 6600-6550 levels. Overall, the underlying sentiments are mostly bearish due to lack of sufficient demand. Adding to the woes would be the inflows of new crop in Nizamabad from mid-January which can further pressurise prices. Jeera futures (Jan) is expected to face resistance near 18200 levels. The sentiments are bearish
due to lack of support from buyers, as they are awaiting from fresh crop to arrive in markets & keeping a watch over the sowing progress. By November last week, Rajasthan has witnessed 24% increase in sowing area at 3.1 lakh hectares as compared to 2.5 lakh hectares in the corresponding period. While, as per Gujarat state govt. data, jeera progressive area is 268,368 hectares as on 10th Dec, lower than 311,366 hectares during corresponding period last year & 318,926 hectares of the normal area (last three year avg.). Sowing activity in Gujarat may not have reached its full pace, but purchases of cumin seeds for sowing purposes has already increased 10% in the state this Rabi season. This is mainly because farmers and traders from Rajasthan are coming to Unjha to purchase seeds as the yield of the seeds from Gujarat is much better. Coriander futures (Jan) will probably take support near 6200 levels, mainly due to forecast of lower output. Factors ranging from scanty rains & farmers shifting to other remunerative crops like wheat & chana affected to output scenario.
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