Spices Insights for November 11, 2016

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  • Most of the Spice markets across the country witnessed negligible trade as farmers and stockists turned reluctant to sell their produce due to liquidity issues.
  • Similar tone was also observed in Unjha, benchmark market for Jeera in India. Only few deals have been struck in the last few days that is mainly through cash or on credit basis. A majority of farmers are not bringing their producer in the markets due to uncertainty about payment.
  • Black Pepper prices have been trading steady to lower at the major benchmark markets of India amid subdued demand.
  • Spot Pepper prices dropped further today by Rs 100 a quintal to close at Rs 65,300 (ungarbled) and Rs 68,300 (garbled) a quintal.
  • Indian parity in the international markets was at $10,550 a tonne cf for Europe and $10,800 a tonne cf for USA. Prices for Asta grade Pepper in other origins continued to stay hovering around $7,500 a tonne.
  • Cardamom prices declined today at the auctions held in Kerala and Tamil Nadu amid increased arrivals.
  • Cardamom output in the country is likely to fall 30-40% in 2016-17, compared to the previous year. Meanwhile, recent rally in prices putting pressure on the demand for the spice.
  • 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.

Note: Major markets will be closed on Monday (November 14, 2016) due to Guru Nanak Jayanti and Kartik Poornima so there will be no reports.

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