Spices Insights for October 04, 2016

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  • A mixed tone was observed in Red Chilli at the Guntur market of Andhra Pradesh today due to quality difference. Arrivals were around 60000 bags from 50000 bags yesterday.
  • Better/Premium quality Red Chilli fetched good rates, whereas buyers quoted lower price for inferior grade.
  • Powder manufacturers and exporters were buying dry and best quality Red Chilli ahead of festivals but are buying as per their near term requirements.
  • Jeera prices traded sideways at the major benchmark markets of India amid expectations of good domestic as well as export demand ahead of festival season.
  • Traders are expecting Jeera export during the current fiscal around 120,000 ton up from 98,700 ton last year. However, traders are hoping higher sowing this year because of attractive prices in the market.
  • Good rainfall is forecasted in Indian state of Gujarat for the week, which is supportive for desired soil moisture ahead of commencement of sowing activities for Jeera.
  • Cardamom prices gained today at the benchmark markets of India after recent correction on improved buying.
  • As the cardamom prices are ruling at around Rs 1,000 a kg, traders are not buying aggressively. The current crop is going to be around 50% of the total output of estimated 35,000 tonnes last year.
  • Harvesting is in full swing now in all the estates and according to the trade in Bodinayakannur, 75% of the capsules arrived at the auctions was from the new crop and that was fetching good price while the remaining 25% from the previous crop was fetching comparatively low price.

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