Commodity: TURMERIC (June)

S2 S1 Pivot R1 R2

5968 6244 6582 6858 7196

Fundamentals

Turmeric futures (June) is likely to hover sideways with a bearish bias in the range of 6400-

6700 levels. But the downside is expected to remain capped near the quarterly support

level of 5930.

Currently, buyers are active in the spot amid supply of new crop. The new turmeric supply in

Andhra Pradesh Duggirala market has already started, however, the quantity is on the lower side

because the farmers are not getting remunerative prices.

The Erode turmeric market generally attracts farmers even from other districts and States because

of the potential to get higher price. But this year, Erode farmers prefer to stock their produce and

sell it when price improves.

Turmeric harvesting in full swing in the district of Erode. With better water availability in the

canals, more farmers have raised the crop for which harvests have begun.

The arrivals of the root and finger varieties could be estimated between 10 lakh to 12 lakh bags in

the belt that comprises, Erode, Salem, Mysuru and Dharmapuri.

The crop, which is cultivated widely in Erode, Kodumudi, Modakurichi, Bhavani, Anthiyur and

Gobichettipalayam areas and irrigated with the water from the Lower Bhavani Project (LBP) canal

and Kalingarayan Canal, is estimated to have been grown on 5,650 hectare (13,955 acre) this year

as against 2,962 hectare (7,316 acre) in 2017-18.

This season, production across the country, including Telangana and Maharashtra is high and we

cannot expect very good price.

Based on the rainfall forecast for June and July, the demand and price will be fixed in the coming

weeks.

Due to arrival of new turmeric, finger variety is sold at an average price of Rs.68 a kg when

compared to Rs.70 a kg sold during the corresponding period last year. At the Erode Turmeric

Merchants Association Sales yard, the finger turmeric was sold at ₹5,209-7,459 a quintal; root

variety was sold at ₹5,359-6,812. At the Regulated Marketing Committee, the finger turmeric went

for ₹6,539-8,199 and the root variety for ₹5,809-7,299.

Commodity: JEERA (June)

S2 S1 Pivot R1 R2

14975 16005 16730 17760 18485

Fundamentals

The overall bias of Jeera futures (June) is positive. Day’s ahead it will possibly take support

near 16600-16455 and witness a rise towards 18000 levels.

This rally may get fueled by prospects that India's jeera exports are estimated to rise.

Moreover, arrivals of jeera are decreasing in the benchmark market of Unjha, Gujarat, as farmers

are refraining from offloading stocks because of low prices.

The fall in output in Syria and Turkey on account of loss of quality due to weather adversities will

possibly make India the sole supplier in the international market.

Syria produces around 15,000 tn of jeera annually, but most of the crop in 2018-19 was lost to

heavy rains, while the 15,000-20,000 tn produced by Turkey was too expensive to compete in the

international market. Iran grows 8,000-10,000 tn of the spice, but most of this was consumed

locally and the rest sold to Japan.

At present the buying interests from global markets have slowed down as the players are waiting

the new crop from Turkey and Syria which will start to arrive from May and June.

Any indication of lower output from these origins will propel Indian cumin exports which will

drive the markets. Until then domestic demand story will drive the markets.

India, the world's largest producer and exporter of the spice, primarily exports the commodity to

China, the US, Bangladesh, Vietnam, West Asia, Brazil, and Sri Lanka.

Commodity: CORIANDER (June)

S2 S1 Pivot R1 R2

6576 6929 7302 7655 8028

Fundamentals

Coriander futures (June) is expected to trade with a positive bias, hence fresh buying is

recommended around near 7000-6800, eyeing a target of 7500-8000 levels.

Export buying which is also seen is aiding to the demand keeping the prices high.

In the international market of Russia & Bulgaria, due to delay in rainfall, there may be an impact

on the production.

In Russia, harvesting may begin in the month of July. The estimation of the quantity of total

sowing will be known only in June.

In Russia, Dhania Prices are currently running around $ 800, in which the import duty and other

expenses, together with a surplus of Rs.7500.

Back at home, the sentiments are strong because of a surge in demand amid a likely fall in

production in key growing areas of Rajasthan and Gujarat.

According to a survey conducted Indian Spice Stakeholders and Agriculture Produce Market

Committee, output in 2018-19 (Oct-Sep) in Rajasthan is seen at 91,920 tn, down 13% on year. In

Gujarat, output is likely to more than halve on year at 38,890 tn.

Coriander prices in physical markets are trading on a bullish note on the back of renewed buying

interests from stockists as well as traders.

The stockiest are active in the markets trying to cover their requirements.

Commodity: CARDAMOM (June)

S2 S1 Pivot R1 R2

1788 1928 1997 2137 2207

Cardamom futures are making new lifetime high in every trading session & this bullish

bias is likely to prevail on the back of concerns of supply in the peak season. The far month

June contract is likely to witness a rally towards 2300-2500.

Cardamom price reached an all-time record of ₹4,000 a kg at the Spices Board of India’s auction

centre.

The prices are unlikely to drop even as new produce is expected to arrive in the market by

June/July.

The total quantity is not expected to increase sharply as drought-hit plants have to be replanted,

sources say. A newly planted area will provide first yield only after three years.

The price increase may not benefit cardamom farmers as it is estimated that there is a drop of

40% in production because of the floods.

Cardamom prices in Guatemala, world leader in production, are increasing with the drop in

production in India. Guatemala has a major share in the export market in West Asia and European

Union while only a small portion of the Indian cardamom is exported to the Gulf countries.

Unprecedented floods in Kerala in August followed by drought early this year are said to have

severely impacted cardamom plantations, which may result in output falling to around 12,000 tn

in 2019-20 (Jul-Jun) from over 15,000 tn in the current year and around 20,000 tn the previous

year, traders said.

FORWARD CURVES

6,434 6,510

6,628

6,746

6,864

6,350

6,450

6,550

6,650

6,750

6,850

6,950

May June July August September

Source: NCDEX Closing as on 3rd May, 2019

Forward curve of Turmeric futures

16,855

16,980

17,160

17,340

17,520

16,700

16,800

16,900

17,000

17,100

17,200

17,300

17,400

17,500

17,600

May June July August September

Source: NCDEX Closing as on 3rd May, 2019

Forward curve of Jeera futures

7,070

7,184

7,334

7,400

7,466

7,000

7,050

7,100

7,150

7,200

7,250

7,300

7,350

7,400

7,450

7,500

May June July August September

Source: NCDEX Closing as on 3rd May, 2019

Forward cruve of Coriander futures

2,121

1,988

1,751 1,765

1,700

1,580

1,680

1,780

1,880

1,980

2,080

2,180

May June July August SeptemberSource: MCX Closing as on 3rd May, 2019

Forward curve of Cardamom futures

Wholesale Prices Monthly Analysis

State April, 2019 March, 2019 April, 2018% Change (Over

Previous Month)

% Change (Over

Previous Year)

Andaman and Nicobar - 10250 - - -

Andhra Pradesh 5644.78 5294.43 - 6.62 -

Chattisgarh 8772.41 6573.62 6856.92 33.45 27.94

Gujarat 9000 9000 9006.07 0 -0.07

Karnataka 6278.75 6172.43 6704.33 1.72 -6.35

Kerala 10626.57 10172.29 10278.66 4.47 3.38

Madhya Pradesh 6098.27 7298.51 6735.13 -16.45 -9.46

Maharashtra 8616.06 8889.89 8829.5 -3.08 -2.42

Meghalaya 3500 14094.74 10000 -75.17 -65

Mizoram - - 12458.02 - -

Odisha 6265.01 5408.27 6103.07 15.84 2.65

Tamil Nadu 6614.61 6027.45 6949.94 9.74 -4.82

Telangana 5565.8 5083.09 5369.49 9.5 3.66

Uttar Pradesh 5907.22 1872.52 9791 215.47 -39.67

West Bengal 6497.13 6956.49 6723.68 -6.6 -3.37

Average 6875.89 7363.84 8138.91

State wise Wholesale Prices Monthly Analysis for Turmeric during April, 2019

(Prices in Rs/Quintal)

*Report Generation: As per the data reported by APMCs

StateApril,

2019

March,

2019

April,

2018

% Change

(Over

Previous

Month)

% Change

(Over

Previous

Year)

Chattisgarh 9000 4600 10000 95.65 -10

Gujarat 15012 14409.87 13695.38 4.18 9.61

Karnataka - 8209 - - -

Kerala 22253.85 20312.5 22845.45 9.56 -2.59

Madhya Pradesh 13185.32 12813.97 14258.18 2.9 -7.52

Maharashtra 23000 23000 25885.08 0 -11.15

Rajasthan 14811.88 13475.57 13724.35 9.92 7.92

Average 16210.51 13831.56 16734.74

State wise Wholesale Prices Monthly Analysis for Jeera during

April, 2019 (Prices in Rs/Quintal)

*Report Generation: As per the data reported by APMCs

State April, 2019 March, 2019 April, 2018

% Change

(Over

Previous

Month)

% Change

(Over

Previous Year)

Assam - 3745 3662.43 - -

Chattisgarh 5996.36 4836.32 2408.28 23.99 148.99

Gujarat 6773.71 6427.55 4568.7 5.39 48.26

Karnataka 8380.37 8436.4 8072.12 -0.66 3.82

Kerala 14416.67 10287.5 9487.32 40.14 51.96

Madhya

Pradesh6758.93 5349.79 4711.15 26.34 43.47

Maharashtra 11736.22 9755.04 8002.72 20.31 46.65

Rajasthan 6450.01 5419.86 4886.14 19.01 32.01

Tamil Nadu 2736.75 2975.61 - -8.03 -

Telangana 7346.15 7000 4211 4.94 74.45

Uttar Pradesh 7527.16 7529.07 5089.7 -0.03 47.89

Average 7812.23 6523.83 5509.96

State wise Wholesale Prices Monthly Analysis for Coriander seed during

April, 2019 (Prices in Rs/Quintal)

*Report Generation: As per the data reported by APMCs

State April, 2019 March, 2019 April, 2018

% Change

(Over

Previous

Month)

% Change

(Over

Previous

Year)

Gujarat 140000 - 90361.01 - 54.93

Kerala 160638.38 134238.3 92744.31 19.67 73.21

Maharashtra 180000 180000 80000 0 125

West Bengal - - 1200 - -

Average 160212.79 157119.15 66076.33

State wise Wholesale Prices Monthly Analysis for Cardamoms during

April, 2019 (Prices in Rs/Quintal)

*Report Generation: As per the data reported by APMCs

Spread charts of Futures & Spot prices

Daily spread chart of Turmeric futures & Spot (Source: Reuters)

Daily spread chart of Jeera futures & Spot (Source: Reuters)

Daily spread chart of Coriander futures & Spot (Source: Reuters)

Daily spread chart of Cardamom futures & Spot (Source: Reuters)