CAPITALSTARS MONDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 31 DEC 2018

CapitalStars Investment Adviser

Turmeric futures (Apr) is expected to show upside momentum taking support near 6620 levels. The sentiments are turning bullish amid anticipations that there might be a 20-30% fall in yield in Telangana and the Marathwada region of Maharashtra due to high temperatures. The reason being warm and humid southeasterly winds from Bay of Bengal have started making an appearance over the regions. Jeera futures (Jan) has touched a 2 month’s low & this downtrend is expected to get extended towards 16800, if breaks 17070 levels. The factors that are dragging down the prices are slowdown in exports and the promise of irrigation facilities by the Gujarat government. The latest statistics show that cumin seed area covered during Rabi 2018-19 as on 24th Dec is 321,363 hectares as compared to 318,926 hectares the normal area (last three year avg.), but lower than area of previous Rabi season of 369,561 hectares. Cardamom futures (Jan) is expected to hold the uptrend taking support near 1500 levels. Fundamentally, the sowing season has begun in Kerala & the growers have resumed their farming activities with most of them going for replanting and rejuvenation of the spice crop in Idukki region. Last year’s bizarre memories of the floods are still fresh in the minds of the farmers & hence they are skeptical about output. It is being estimated that the replanting will be carried out on nearly 10,000 hectares, while rejuvenation was on around 6,000

hectares. Overall, a one-third drop is expected in production this season compared to last year’s production of 25,000 tons. Presently, cardamom prices on the spot markets are holding at Rs.1,300/kg on an average as sufficient quantity is not available due to strong domestic demand.

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