Expect Jeera prices to trade weak for coming week:Edelweiss

Edelweiss report on agricultural commoditiesTurmeric: Turmeric prices continued to rise in past week in line with EAR forecast on the back of lower acreage this season along with yield concerns in Telengana. Lower rainfall along with higher temperatures is expected to impact the yields negatively. Arrivals overall increased last week, but in Erode market declined w-o-w basis. Export demand remained higher last week. Weakness in INR has also boosted export prospects. Domestic demand is also improving with festivals season commencing soon. The demand is expected to remain steady with onset of festival season. Weaker INR can encourage exports. EAR (Edelweiss Agri Research) expects prices to remain firm going forward.Chilli: Chilli prices moved sharply higher last week in line with EAR forecast on the back of higher exports amid lower cold storage stocks. Arrivals increased in past week across all markets. There are reports of crop losses in MP due to virus attack. Sowing in Chilli increased in AP and Karnataka against last year, but is still lagging in Telengana. Rainfall is expected to remain moderate in AP, Telengana and north Karnataka, supporting sowing activity. Demand is expected to remain steady due to festival season and weaker INR boosting exports. EAR expects prices to increase in coming days as low socks and steady demand will support prices.Black Pepper: Black pepper prices moved higher last week in line with EAR forecasts as higher domestic demand supported prices. Exports declined marginally last week as higher prices made Indian pepper uncompetitive in the international market in spite of weaker INR. Domestic demand is strong on the back of festival buying. Arrivals in Kochi market increased last week as higher price realisation led to enhanced offloading by farmers. EAR expects prices to remain positive due to firm demand.Cardamom: Cardamom prices traded supportive in physical markets in line with EAR forecast in its last week report. Weakness in INR and robust buying by market participants supported the prices, but improved arrivals have limited the price gains. Cardamom arrivals across the auction centres of Kerala are pegged at 801 MT against 650 MT arrived during previous week, higher by 23%. Indian rupee has weakened by 1.71% in a week, which is expected to support the export demand from India. Cardamom imports to India remained insignificant owing to harvesting of local crop and weak rupee. EAR expects cardamom prices to trade range bound to firm owing to likely pick up in buying by market participants at lower price levels for the coming week.Coriander: Coriander prices traded higher against the EAR forecast of weak trend, significant decline in arrivals and steady buying has supported the prices. Coriander arrivals pegged 52% w-o-w lower across the major producing markets of Rajasthan and Madhya Pradesh. Weakness in INR has also supported the coriander prices to trade higher. Export demand stayed poor for the last week owing to demand rationing at higher price levels. Export could pick up with weak Indian rupees. Stocks with stockists reported higher. EAR expects Coriander prices to trade range bound for the coming week.Jeera: Jeera prices traded range bound to weak against EAR forecast of positive trade in last week report. Long liquidation by speculators in futures market after recent gains has pressurized the prices in physical markets to trade lower. Demand stood subdued at prevailing higher price levels. Weakness in INR would support the Jeera exports from India, but ongoing harvesting of Turkey crop would hamper the Indian exports prospects. Prevailing higher prices and benign soil moisture would support the higher sowing of the Jeera crop for upcoming season. EAR expects Jeera prices to trade weak for the coming week.For all commodities report, click hereDisclaimer: 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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