Spices Insights for November 09, 2016

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  • Agriculture markets across the country opened with almost absent trading activity, due to transaction related issues after government decision to scrap Rs 500 and Rs 1,000 currency and banks are closed today.
  • Large number of transactions on these mandis are conducted on cash basis. With currency notes withdrawn, buyer/sellers are in dilemma on how to conclude deal.
  • Profit booking at the higher levels after recent highs brought some dips to the rising rates for Jeera. Even as demand started rising in mandis amidst falling stocks, traders preferred to wait for prices to cool down.
  • In the global market, Jeera production is expected to witness a decline in other major producing countries such as Syria and Turkey.
  • A steady tone observed in Turmeric markets across the country despite of slow demand and bearish futures.
  • Demand in Turmeric was poor, but sellers were reluctant to offer their produce at the lower level, which has prevent fall in the spot market despite sharp fall on futures market.
  • Easier trend continued in the spot Pepper despite having the domestic demand picking up. At the same time, no sellers were forthcoming to sell at the IPSTA quoted spot prices.
  • End users have started buying Black Pepper and that in turn has pushed up the domestic demand from upcountry. However, Tamil Nadu based buyers were slow as the demand has not picked up there after the Diwali.

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