Spices Insights for September 22, 2016

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  • Red Chilli prices ruled steady at the benchmark markets of India after witnessing losses on previous session due to limited inquiry and reluctant sellers at the lower level.
  • Red Chilli arrivals at Guntur market today reported around 80000 bags as against 70000 bags yesterday.
  • Sellers are reluctant to sell their Red Chilli produce at the lower level as they anticipate some revival in demand ahead of festival.
  • Red Chilli sowing in Andhra Pradesh as on September 21 stood at 121,000 hectares, against 98,000 hectares a year ago, while in Telangana Chilli cultivation reached at 58,000 hectares from 36,000 hectares previous year.
  • Jeera prices eased today in Unjha market due to dull domestic and exports demand and volatility on futures, whereas steady tone witnessed in Rajkot market. Recent rainfall over Saurashtra region in Gujarat, which is major Jeera growing regions, is good for soil moisture.
  • Jeera dropped by Rs 25-50/20 kg in the absence of demand from overseas buyers as they are now buying new crop from Turkey and Syria at competitive rates.
  • Physical demand for Jeera is not picking up as per expectation as the stocks are dwindling. Prices for the next few months will depend on export demand, which is expected to pick up as prices have corrected enough in last 2 weeks.
  • Turmeric prices slipped today at the major Indian markets as the acreage of Turmeric during current year is higher compared to the last two years.
  • Turmeric sowing in Indian state of Andhra Pradesh reported lower by 7.15%, whereas in Telangana area under Turmeric stood higher at 45633 hectares.
  • We expect Turmeric to trade sideways to lower in expectation of further correction form higher levels.
  • Wet weather in Turmeric growing areas and expected pickup in demand for old crops for festival demand may keep prices steady. Good crop conditions of new season crop in South Indian states may weigh on prices further.

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