Turmeric futures (Apr) is expected to witness a strong recovery & test 6500 levels.
In a boon to cultivators of turmeric in Erode district and surrounding areas, the Geographical Indication Registry of India granted Geographical Indication (GI) tag to Erode ‘manjal’ (turmeric). With the GI tag, turmeric cultivated in Erode district, parts of Coimbatore and whole of Tirupur will be recognized for its unique qualities derived from its place of origin. Such recognition would increase its demand globally and ensure better price for the product in both domestic and international markets. Jeera futures (Apr) is likely to remain in a consolidation zone within 15200-15400 levels. The upside may get limited due to improved output prospects for 2018-19 (Jul-Jun), while demand is seen largely unchanged. At present, the daily average arrivals of jeera are at 30,000 bags (1 bag = 55 kg) and this count will surely rise in days to come. Output prospects for this year have improved as higher acreage in Rajasthan will largely help offset the impact of a fall in area under the spice in Gujarat. In Rajasthan, yields are likely to have improved to 494 kg per ha from 489 kg, while in Gujarat also higher yields of 529 kg per ha compared with 520 kg a year ago after the state government provided water for irrigation. In addition, the market participants expect carryover stocks much higher at 10-15 lakh bags which may add to the bearishness. Coriander futures (Apr) is looking bullish and the upside can get extended towards 6600 levels. On the spot markets, new arrivals of good quality have started coming in markets, buying is also improving day by day along with rising prices.
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