NCDEX Jeera recover a little on short covering by the market participants. Currently there is subdued demand from the physical players due to weak exports which is keeping prices steady. 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.

Turmeric futures for Nov delivery closed lower on profit booking while the prices have been trading in a range on mixed fundamentals of diminishing arrivals and expectation of higher production in the new season.

Outlook

We expect Jeera Nov futures expected to trade sideways to lower on anticipation of technical selling as there is still weak physical demand and subdued exports. Higher stocks in the NCDEX warehouse are also pressurizing prices.

Turmeric futures expected to trade sideways to down 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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