Spices Insights for November 08, 2016

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  • Red Chilli prices traded flat at the major benchmark markets of India in the absence of any strong buying activity.
  • Around 73,000 bags (35 kg each) of Red Chilli arrived at the market place, with 3,000 bags from new crop and rest from cold storage. Buyers are hesitant to source new Chilli crop due to higher moisture content.
  • Stockists are sideline as they will prefer to source new Red Chilli crop material with low moisture content as they will stock it for long term in cold storage.
  • Supply and quality of new crop is expected to improve only by month-end. Red Chilli crop is much better than last year due to favorable weather.
  • Cardamom prices jumped drastically today at the auction held in Kerala and Tamil Nadu  on lower output and good demand from exporters and stockists.
  • As supplies of good quality material have increased in spot auctions, good buying activity from traders and stockiest can be expected in Cardamom.
  • Exporters are expected to cover their requirement amid fears of shortage of Cardamom crop in coming days. Export demand is good from Saudi Arabia irrespective of higher prices.
  • Farmers are expected to hold their high-quality Cardamom and may release when prices surge due to shortage. Present dry weather in the main producing centers may hit the output.
  • The lag in the onset phase of the South-West monsoon coupled with high winds in the High Ranges has already damaged an array of plantation crops, especially Cardamom and Pepper.
  • The drop in production has been estimated at 60-70 per cent in Cardamom.
  • Turmeric prices traded steady to firm at the major Indian markets amid expectations of pickup in domestic demand despite of expectations of higher output and favorable weather in the producing centers.
  • Turmeric Sowing is almost complete across major growing states and are mostly in vegetative stage with no reports of pests and diseases.
  • Despite lack of upcountry orders currently, traders are procuring medium quality Turmeric stock quoting higher prices.

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