Spice market update: Indian markets remain closed
April 9, 2020 at 7:21 AM ,
Der AUDITOR
Cumin seeds
At the beginning of March, the cumin market showed a positive trend, as necessary rainfall provided good crop prospects and demand increased. However, since the spread of the Covid-19 virus, the situation has been steadily deteriorating and currently the ports and markets are closed and no trading is allowed on the spot market due to the complete lockdown. All of this has a negative impact on future business for producers, as prices continue to decline and continued rainfall could affect the quality of the new crop. Grade A cumin was last traded at USD 1,880 per metric tonne.
Coriander seeds
As trading has ceased, only estimates based on traders and other experts are currently taking place in the coriander market. However, opinions differ here: while some suspect that prices will rise after the lockdown, other market players expect a downward trend. It is likely that at least domestic demand will rise again as soon as goods become available and can be traded again. Generally speaking, coriander prices have been on a downward trend this year, with coriander, Eagle, 5% split was last traded at USD 755 per metric tonne.
Turmeric
In the current situation, where there is great concern about health due to the coronavirus, turmeric is in demand to strengthen the immune system. There is also great demand in the pharmaceutical industry, and the government of Andhra Pradesh is therefore supporting the cultivation of these turmeric varieties, with the result that 2,000 farmers are now cultivating medicinal turmeric with the help of state subsidies. Since a good new crop is expected, prices declined even before the lockdown. Most recently turmeric, salem, double polished was traded at USD 900 per metric tonne.
Chilli
Since all markets are closed, there is currently no demand on the chili markets. There are also no exports and no new spot market prices can be named. Although some ports have now resumed work, major problems still remain. This makes traders prefer to wait and see. Most recently, chilli, S4, stemless was quoted at USD 2,230 per metric tonne.
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