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Turmeric futures (April) is expected to face resistance near 6780 levels & the upside may remain capped taking negative cues from the spot markets. Turmeric prices were down, said trade sources. Finger turmeric was down by Rs.600 a quintal at the Erode Cooperative Marketing Society where it was sold at Rs.5,788-7,150 while root variety went for Rs.5,355-6,789; at the Regulated Marketing Committee finger turmeric sold for Rs.5,777-6,800 and root variety Rs.5,240-6,091. Jeera futures (Dec) is expected to hover sideways to down in the range of 18600-18900 levels.Jeera prices have cooled a bit from their recent high levels because of reduced offtake in the spot market. The buyers are awaiting the fresh crop and postponing purchases. Sowing will continue till mid of December and new jeera arrivals will begin from mid-February. Gujarat is the largest producer of cumin, accounting for nearly two-thirds of India’s output and is also a major producer of coriander. According to State government data on rabi sowing, as on November 26, jeera sowing was completed on 1,22,200 hectares, which is down by 36 percent against what was reported in the same period last year. The trend of coriander futures (Dec) is bullish & is expected to test 6700 levels. Spot coriander prices continued their uptrend at major markets in the country on Monday due to strong buying as production is likely to decline due to scanty rains in major producing states. As per trade sources, coriander production is likely to decline by a-third from the previous year to around 240,000 tonnes in 2018-19 (Oct-Sept).
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