NCDEX Jeera for Aug delivery contract closed lower on Wednesday on profit boking tracking weak physical demand. Yesterday, market participants liquidating their long positions in the near month contracts and initiated fresh selling positions in far month contract. Jeera arrival during in July dropped to 3,668 tonnes as compared to June arrival data. In June, arrival record at 8,072 tonnes. 

NCDEX August Turmeric futures closed lower on Wednesday due to profit booking from the higher levels. However, the prices may get support on dry conditions in turmeric growing areas, slower sowing progress and good physical demand. In Telangana, turmeric acreage as on 29-Jul-17, down 2.5% to 39,000 hectares as compared to last year acreage of 40,000 hectares.

Outlook

We expect Jeera futures expected to trade down on profit booking but, tight supplies due to rain damage and good physical as well as export demand may keep the prices higher.

Turmeric futures expected to trade lower on technical corrections. However, improving demand from upcountry buyers and lower carryover stock this season may also support prices.

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