Expect Jeera prices to continue trending negative: Karvy
Karvy Commodities Broking has come out with its report on spices. According to the research firm, Jeera futures prices are expected to continue their negative trend on account of poor buying interest from local traders.
June 18, 2013 / 14:24 IST
Karvy's report on spices:
Turmeric futures are expected to trade range-bound during today's trading session. Overall, the sluggish trend amidst weak domestic and export demand is likely to weigh on prices. However, the decline in arrivals at the spot market might limit sharp losses. According to traders, the decline in arrivals is cushioning prices from a sharp fall while demand from stockists is negligible. However, small corrections could be noticed during the day as sowing for the next season's crop is expected to start this week.Jeera futures prices are expected to continue their negative trend on account of poor buying interest from local traders. Increased arrivals may also drag prices lower. Reports of around 5-6 lakh bags of stocks in Gujarat might weigh on prices. However, futures are likely to witness a small correction towards the closing due to short covering.Chilli July futures prices are expected to trade on a negative note during today's trading session. Reports of fresh arrivals along with cold storage stocks might weigh on prices. The prevailing favorable weather is likely to boost chilli sowing in the coming season. This might also add some selling pressure in the chilli futures market.Cardamom futures are expected to gain in today's trading session on the back of reports of improved demand in the major spot markets. Restricted arrivals from the producing regions due to anticipation of a further rise in prices are likely to support prices to move higher. Good export demand ahead of Ramadan might also add some positive sentiments in the cardamom market.Coriander: Dhaniya future prices are expected to fall during today's trading session. Overall, the fundamentals are still bearish which may pressurize prices. Huge stocks coupled with the daily arrivals might push prices even lower. However, huge volatility in prices could occur in the near-term due to expectations of a substantial fall in production for the current year.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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