Jeera

Jeera April future closed little lower and hold on to the higher levels in one month due to good physical and export demand coupled with lower supplies. The arrivals have declined last week in the physical market. As per data, during Mar 20-25 about 10,867 tonnes of jeera arrived compared to 12,331 tonnes during previous week same period. Market participants are expecting good exports demand in coming months. On the export front, India in 2016-17 is likely to cross 1.2 lt against 94,352 tonnes a year ago while the exports increase by 36.7% to 93,724 tonnes in first 9 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lt, down almost 11% compared to last year production of 2.38 lt.

Outlook

We expect Jeera futures to trade higher on expectation of lower production and good demand. Anticipation of higher exports in coming three months may keep the prices supported at higher levels. There are reports of lower production estimates in Gujarat and improved exports in 2016/17 financial year.

Turmeric

NCDEX Turmeric edged higher on Monday due to bargain buying however, the gain is capped due to good arrivals and lower physical demand.. The turmeric arrivals in the country slow down last week (20-25 Mar) to 21,220 tonnes compared to 621,061 tonnes during previous week, as per the Agmarknet data. On the export front, country exported about 82,115 tonnes during April-Dec period, up by 28% compared to last year exports of 64,105 tonnes, as per government data.

Outlook

Turmeric may trade sideways on anticipation of lower balanced demand and supplies. The upcountry and spot demand is steady and not picking up as expected. There is a possibility of revival of as prices have touched lowest for the season.

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