Turmeric may trade on lower note: Karvy Commodities

Pepper prices are expected to continue the recovery on fresh buying at previous losses backed by supply concerns. According to trade sources, overall trend is very indecisive as domestic fundamentals are positive following the prevailing supply crunch while higher quotes from India are keeping export demand away; which is creating volatility in prices.

Turmeric prices are expected to trade on lower note as investors are booking their profits. Exchange’s notice of banning fresh positions in August contract is creating panic among traders. While underlined fundamentals are still bullish amid poor sowing acreage and good demand from Pakistan for root variety which might also support the rise in prices in near term.

Jeera prices are projected to trade on slightly lower note during today’s trading session on continued long liquidation. Rise in arrivals at spot market of Unjha might weigh on prices. However, stable demand from bulk buyers along with concerns of poor crop amid lesser soil moisture following the insufficient rains might also support prices to recover in near term.

Chilli prices are projected to continue the lower trend during the day on back of rise in acreage under chilli crop in major growing regions of AP. Good rains in Guntur district is also supporting crop which might further add to the down side. However, limited stocks at domestic market as exports are remaining good might keep prices firm in near term.

Cardamom prices are projected to extend the down trend during today’s trading session on back of higher arrivals reporting at spot markets. Prolong auctions due to higher carry forward stocks might also weigh on sentiments. Reports rise in arrivals at spot auction center due to prevailing higher prices might pressurize cardamom prices. However, a small recovery on short covering can be seen which might create further selling opportunity.

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