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Turmeric futures (April) is expected to consolidate in the range of 6570-6770 & trade with an upside bias on the hopes that from hereon lower level buying may emerge. It is reported that the Regulated Marketing Committee at Erode, has sold 95 tonnes of turmeric (50% of the target) during this year within 11 months & is hopeful of selling about 45 to 50 tonnes till the year end. The correction mode in jeera futures (Dec) will possibly continue as it might plunge towards 18400-18300 levels. Looking at the concerns of water shortage during the ongoing cultivation of the crop, it seems that the output may get affected. In Gujarat, sowing as on November 26, jeera sowing was completed on 1,22,200 hectares, which is down by 36 per cent against what was reported in the same period last year. However, on the contrary the market participants have also a view that the likely shortage of crop in Gujarat, will be made up by a better jeera crop in Rajasthan. Lower level buying can be done in coriander futures (Dec) in the range of 6350, eyeing a target of 6600 levels as the fundamentals are showing a bullish direction to the prices. The sowing area has dipped by about 79% year-on-year basis at 8,500 hectares as on November 26 as the crop is facing a tuff competition with both wheat and chana. Another reason for decline in area is the absence of moisture in the soil required because of the shortfall in rains in Gujarat and Rajasthan. On the demand side, India is moving towards becoming the sole supplier in the global market because crops in Bulgaria, Russia and Romania have reportedly been damaged.
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