NCDEX Jeera for Aug delivery close lower on Thursday as market participants initiated fresh selling amid weak physical demand at higher prices. However, jeera is still trading at 11 month high. Jeera arrival during first fifteen days of July recorded only 524.5 tonnes compared to 3922 tonnes and 4148 tonnes in previous two fortnights in June. As per the data release by government, jeera exports in April 2017 was 14,599 tonnes, were down 9% from March. n 2016/17, country exports increase by 26% to 1.24 lt in as per the data release by Dept. of commerce, GOI.

NCDEX August Turmeric has seen some fresh buying on Thursday for the first time this week supported by good physical demand from upcountry buyers and stockists. In Telangana, turmeric acreage as on 19-Jul-17, up 90% to 33,000 hectares as compared to last year acreage of 28,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. About 8,627 tonnes arrived in first 15 days in July compared to 10,703 tonnes in previous fortnight. As per the data release by government, turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period.

Outlook

We expect Jeera futures expected to trade sideways on expectation of further correction from higher levels. However, tight supplies and good physical as well as export demand may keep the prices higher.

Turmeric futures expected to trade sideways on expectation of improving demand from upcountry buyers at current levels. Moreover, expectations of lower carryover stock this season and yield loss for new crops due to irregular rains in turmeric sowing areas.

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