Dhaniya sinks on slack buying

Dhaniya futures on the NCDEX traded on a negative note last week. Subdued demand, as buyers stayed away from the market waiting for the peak harvesting season, pushed the prices lower.

The most active April contract made a four-week low of ₹5,470 per quintal on Friday and closed at ₹5,496, down 4 per cent for the week.

Dhaniya futures are expected to trade lower in the coming week as well. Though there is a possibility of an intermediate upmove on the back of profit booking, the prices are expected to retain their downtrend. Higher supplies from major producing regions on the back of the peak harvesting season could continue to keep dhaniya prices under pressure.

The writer is Head-Commodity Research, Karvy Comtrade

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