CAPITALSTARS MONDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 18 MARCH 2019

The bearish trend is likely to prevail in turmeric futures (Apr) as the downside may get extended towards 6200-6150 levels.

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In the present scenario, almost all the traders are buying for their requirement alone and they do not want to stock the turmeric, as they are expecting the new Erode Turmeric may arrive for sale by the middle of April and also they may get fresh upcountry demand for the new turmeric soon. The recovery seen last week in jeera futures (Apr) faced resistance near 15775 levels & then retraced on the back of profit booking. This phenomenon may drag down the counter to 15220, if breached the support near 15000 levels. Overall, the sentiments are bearish on better output prospects. The traders are optimistic of higher output because of adequate availability of water. India’s cumin seed (jeera) output is set to touch 4,16,000 tonnes for 2019, about 9% higher than the previous year, supported by a sharp jump in production in Rajasthan. Besides, lower export demand in the physical market also capping the upside. Coriander futures (Apr) may witness a consolidation in the range of 6300-6500 levels. Spot prices remained steady at major markets of Rajasthan amid matching demand and supply whereas in Guna, the major market of Madhya Pradesh, prices are declining with rise in new arrivals of low quality and higher moisture content. Cardamom futures (April) may see a rise till 1530 levels as demand is outweighing the supply. The growing areas have not received rains for some time coupled with protracted dry spell has changed the market sentiment to bullish. The period between now and the next crop remains wider compelling many to cover whatever material arriving at the auctions.

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