Spices Insights for October 27, 2016

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  • It was again a bearish day for the Red Chilli prices at the major benchmark markets of India amid increased selling pressure.
  • Red Chilli arrivals were around 63000 bags today of which traders reported that 3000 bags were from new crop and 60000 bags were from old crop.
  • Sellers are aggressively selling their Red Chilli stocks even as there is very less probability of improvement in prices ahead due to slow demand and much better crop due to higher sowing this year.
  • Jeera prices continued to trade on a bearish note at the major Indian markets amid decreased demand.
  • Prospects of better Jeera sowing kept the uptrend limited as closure of mandis during weekend for the festivals too enabled profit booking at the higher levels.
  • Report on the sowing activities and its progress would be important in determining near term trend for Jeera.
  • Falling stocks in domestic and low stocks in International markets could support Jeera prices in long term even as weather affects short term trend to some extent.
  • Moderate recovery persisted for Turmeric even as the uptrend got limited by a fall in other Spices counters.
  • Rise in festive season demand from North India amidst pick up in export demand with stocks falling are likely to support Turmeric prices in near term.
  • Coriander prices gained in the spot markets of Rajasthan and Madhya Pradesh supported by firm tone on futures market, whereas demand remained sluggish.
  • India has been outpaced by Russia as the largest exporter of Coriander in the international market. Nearly 45,000 tons of Coriander has been shipped by Russia during Jan-Aug 2016, and is well set to capture a third of the global market.
  • Russia Coriander is available at very competitive rates and production was better there this year.

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