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Jeera futures on NCDEX posted marginal losses of 0.7 per cent for the year 2023 after climbing to record highs. Jeera futures posted after hitting all-time high of Rs.64000 per 100 kg in September 2023 on lower production and robust demand. However, rise in acreage in key jeera producing states of Gujarat and Rajasthan in the ongoing rabi season along with tepid export demand put downwards pressure on jeera, dragging it down from the record highs. Posting yearly gains of over 70 per cent, Turmeric futures on NCDEX climbed to all-time high of Rs.16720 per 100 kg in August 2023 on concerns of production due to delayed and uneven monsoons. Concerns over production is lending support while tepid export demand is weighing on, capping gains as traders await arrival of new crop, which is expected to start this month. Coriander futures on NCDEX posted losses for the second straight year in 2023, by more than 10 per cent, weighed down by higher production last season (2022-23). However, robust exports and fall in acreage in the ongoing rabi season is seen limiting losses. According to the Spices Board, April-October 2023 export grew 210 per cent to 76848.28 tons compared to same period last year.

CORIANDER

TECHNICAL OUTLOOK- JAN FUT-NCDEX

May vary inside 7550-7030 ranges and a voluminous break from either sides of the aforementioned range may lend fresh direction.

JEERA

TECHNICAL OUTLOOK- JAN FUT-NCDEX

29100 is the immediate support and slippage past the same may call for more downsides. On the upside, a voluminous rise above 39600 could improve sentiments.

TURMERIC

TECHNICAL OUTLOOK- APR FUT-NCDEX

14650 may act as the key resistance upside that has to be breached convincingly for continuation of upward momentum. As long as this range caps, may trade sideways to weak.

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