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A lower level buying can be initiated near 6550 in turmeric futures (Apr), eyeing a target of 6750-6850 levels. It is expected that this counter would hold on to 6500 levels & the downside may remain capped. The fresh crop is likely to enter the spot markets in mid-January, but prices are unlikely to fall for the time being due to lower carryover stocks. Prices of good quality turmeric are showing signs of improvement at the markets in Erode and the buyers are purchasing medium and even the poor quality to fulfil their local orders. Jeera futures (Mar) is expected to remain trapped in a consolidation zone in the range of 17000-17400 with upside getting capped. The export demand at present is said to be sluggish, while domestic buyers are doing need-based buying due to expectations of correction ahead amid good crop outlook. Sowing of Jeera in Gujarat almost completed with area reached at 3.21 lakh hectares against normal (5 year average) area of 3.18 lakh hectares. An upside bias may be seen in coriander futures (Apr) as it can take support near 6700-6650 levels. In markets of Rajasthan the buyers are actively procuring whatever commodity available due to expectations of better return amid concern about crop. Already, there are estimates of lower output this season & on top of it the winter temperature has dropping below ideal level required for crops in many parts, has raised worries about crop loss. Under present conditions, it is being assessed that the crop is unlikely to hurt significantly, but quality is likely to damage extensively and thus coriander prices are in bullish momentum.
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