NCDEX Jeera for Sep delivery contract closed lower on Monday mainly on profit booking. The prices have been trading in a range on reports lower arrivals in Gujarat on expectation of damage to stored jeera due to heavy rains but lower export demand. 

Turmeric futures for Sep delivery fall more than 1.8% on Monday as market participants initiated fresh selling tracking weak spot market and good sowing progress. Moreover, forecast of good rains in coming weeks in south may keep the prices under pressure. After good start to turmeric sowing in Telangana, acreage under turmeric, as on 9th August, down 2.3% to 44,299 hectares as compared to last year acreage of 43,315 hectares.

Outlook

We expect Jeera futures expected to trade sideways to higher today on expectation of good physical demand and diminishing stocks. However, profit booking at higher levels may restrict the price rise.

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

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