NCDEX Jeera for Sep delivery contract closed lower as market participants initiated fresh selling at higher levels. The prices have been quite volatile on reports lower arrivals in Gujarat on expectation of damage to stored jeera due to heavy rains but lower export demand is keeping price lower. 

Turmeric futures for Sep delivery fall by 1% in fresh selling by the market participants tracking weak spot market. Moreover, forecast of good rains in coming weeks in south may keep the prices under pressure. After good start to turmeric sowing in Telangana, the acreage of turmeric as on 2nd August is , down 3.5% to 41,715 hectares as compared to last year acreage of 43,226 hectares.

Outlook

We expect Jeera futures expected to trade sideways to lower on weak physical uptake by the exporters at higher prices. Moreover, further corrections at these levels may drag prices down. Prices are still trading in a range and may jump if there is increase in export or local demand as stocks are diminishing.

Turmeric futures expected to trade sideways to lower on expectation of corrections from higher levels due to forecast of good rains in south India.

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