NCDEX Jeera closed higher for the second consecutive day on Thursday on short covering in the near month contract and fresh buying in the far month contract. The prices have move up in the physical market as well on expectation on export demand and lower stocks in the physical market. As per government data, Jeera exports during first four month of FY 2017/18 (Apr-Jul) is 49,205 tonnes, down 11% compared to last year exports volume for the same period. India's jeera exports in Jul down 12% on year to 7,498 tn. The arrivals have been higher during first 25 days of October at 3,198 tonnes compared to 1,820 tonnes last year same period according to data.

Turmeric futures for Nov delivery fall sharply, to hit 4 week low, on profit booking by the market participants while prices in physical market too drop on lower demand. Market is expecting higher production in the new season. The arrivals have been lower during first 25 days of October at 5,642 tonnes compared to 8,472 tonnes last year same period according to data.

Outlook

We expect Jeera Nov futures expected to trade sideways to higher on anticipation of diminishing stocks and improvement in export demand for Indian cumin. Higher stocks in the NCDEX warehouse may keep the prices in a range.

Turmeric futures expected to trade sideways to lower on lower physical demand as market is expecting good production of turmeric due to wet weather conditions in Telangana. Moreover, good demand from the institutional buyers may be positive for turmeric prices.

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