Spices Insights for November 07, 2016

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  • Red Chilli prices continued to trade flat at the benchmark markets of India amid sluggish demand and steady supply.
  • Red Chilli supply at the Guntur market was reported at 60000 bags from 59000 bags in last session.
  • New Red Chilli crop arrivals has started in the spot market, however pace has yet picked up momentum. New crop supply has started from last week of October.
  • Early Red Chiilli arrivals from new crop contains higher moisture, which has prompted stockists to stay sideline, whereas small processors are buying low quantity.
  • Red Chilli supply and quality is expected to improve from next week onwards as weather is clear.
  • Jeera prices drastically gained at the major markets of India today after the recent holidays on account of rising domestic as well as exports demand at the spot market.
  • Jeera arrivals have started rising at Unjha market of Gujarat and reported about 3000-4000 bags today.
  • The price trend on the chart looks positive for Jeera on reports of dwindling physical supplies and slow start to the new season sowing in Gujarat and Rajasthan.
  • Turmeric prices traded steady to positive at the major markets of India amid decent demand. Arrivals in Nizamabad and Erode markets were around 1000 bags and 1500 bags respectively.
  • Though Turmeric prices gained in Nizamabad, but business activity was not very encouraging due to only few takers at current rates.
  • Cardamom prices continued to trade firm at the auctions held in Kerala and Tamil Nadu today amid strong demand from domestic and overseas markets.
  • Speculation over a possible shortage in the availability in the markets of the aromatic spice following drought conditions prevailing in Kerala has prompted all, except the exporters, to cover and that in turn pushed up the prices.
  • North Indian dealers are actively covering on the fear of a likely shortage in the coming days because of the unfavorable weather conditions.
  • Black Pepper prices have been trading negative since last few days on bearish sentiments created by overseas reports.
  • There are some reports that Vietnam has reduced its prices for ASTA grade Pepper from $6700 a tonne to $6150 a tonne for prompt shipment and the Vietnam Pepper output is going to be over two lakh tonnes.
  • The prevailing huge difference between Indian domestic prices and that of other origins imports of cheap Pepper from all the overseas sources were taking place and that in turn has flooded the upcountry markets.

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