Turmeric futures (Apr) is expected to consolidate in the range of 6250-6350 levels.
In the current scenario, the farmers are not bringing more quantity of turmeric for
sale and are bringing limited stock. Due to arrival of medium and poor quality
turmeric, the sale at the Regulated Marketing Committee is down to 35 per cent.
Regarding the price, the finger turmeric was decreased by Rs.250 a quintal and
root turmeric by Rs.300 a quintal at the Erode Turmeric Merchants Association
sales yard when compared to previous day sale price. Jeera futures (Apr) is likely to
face resistance near 15850 levels. This season there are 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
likely to trade sideways to down & may test 6500 levels. On the spot markets, new
arrivals of good quality have started coming in markets.
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