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A downtrend will possibly continue to prevail in turmeric futures (April) & it is expected to test 6450-6400, if breaks 6500 levels. The prices of the yellow spices are reeling under the pressure of elevated stocks of around 20 - 21 lakh bags (1 bag = 70 kgs) & projection of higher output this season. Regarding production, in Andhra Pradesh the sowing is over & reported to be on 18,737 hectares 26% higher as compared to last year. In Telangana, final sowing figure is 47,888 hectares as compared to 44,956 hectares in previous year. Overall, turmeric production for 2018-19 marketing year is estimated at 485,719 MT (Dry crop) as compared 560,177 MT in 2017-18. The possibilities are higher that jeera futures (Jan) will break the weekly support near 18660 & descend towards 18600-18500. The buyers are awaiting the fresh crop and postponing purchases. Moreover, the sowing season is going on, will continue till mid of December and new jeera arrivals will begin from mid-February. The area under cultivation has been lagging in Gujarat, but farmers are optimistic on catching up the pace after the government has said that it will provide water from dams for irrigation
purposes to farmers. On every rise, the stockiest are trying to sell the old produce before the entry of new crop on anticipation that the production could be higher than last season. Approximately, there are 10-12 lakh bags all over country. Coriander futures (Jan) may enter a correction mode & witness 6365-6300 facing resistance at 6630, near yearly high of 6892. There are concerns overlower production butit seems thatis mostly factored in already.
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