Spices: Hot prices in India
March 31, 2017 at 12:31 PM ,
Der AUDITOR
This includes the identification of these varieties and the distribution of the corresponding seeds to the farmers, so that they can be grown over large areas again.
Aside from a new sesame seed tender from Korea, it was very quiet on the Indian market this week. The current business year ends in India on 31.03.2017, which is why many suppliers withdrew from the market for a few days.
Cumin
Market players expect increased demand for exports in the upcoming months. This season, the export volume has already significantly exceeded last year's level. According to estimates, about 120,000 mt of cumin have been sold on foreign markets this season, and already in the first six months, exports almost reached the total volume for 2015/16 with 93,714 mt. The good demand situation is making prices rise. Indian cumin seeds are currently being offered for 2,558 EUR/mt FOB.
Coriander
Short-term covering purchases made the coriander prices rise to 1,057 EUR/mt FOB at the beginning of the week. Over the last few days, however, the market has remained quiet. A higher price level makes the cultivation and sales more attractive to farmers and traders, which would lead to better availability.
Turmeric
After a period of sluggish demand, the purchase interest for turmeric is on the rise again. The market players are satisfied with the quality of the new crop. The prices are maintaining the level of the previous week, but buyers are hoping for a downward trend as soon as the peak of the harvest season has been reached.
Chilli
In the upcoming weeks, market players are expecting increased purchase interest from domestic and foreign markets. The 2016/17 season should produce 1.6 M mt of chillies. Last year it was only 1.4 M mt. The most important cultivation areas are Andhra Pradesh with 860,000 mt and Telangana with 360,000 mt. The current price level is hovering around 1,335 EUR/mt FOB.
Cardamom
The prices for cardamom increased this week to 22,433 EUR/mt FOB. Rainfall should invigorate the cultivated areas in Idukki. As of June, the new crop is expected to enter the market, and until then, no appreciable deliveries are anticipated from the cultivation areas.
Black pepper
The market is feeling the sales pressure from Karnataka, where the pepper harvest is well under way. The new crop is flowing onto the market from several regions of Karnataka at the same time. Some traders have liquidated their inventories because of missing tax refunds, which further improved availability. This week, black pepper dropped to a level of 9,640 EUR/mt.
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