Spice market update: turmeric market on the road to recovery
April 23, 2020 at 3:50 PM ,
Der AUDITOR
Cumin
Traders are responding to the demand from packers and are selling the supplies in their warehouses. After the markets reopened last week, regular trading is taking place as well. Some local Indian markets are running out of stock, but in general the cumin market is developing a rather weak trend. The price for grade A cumin is USD 1,870 per metric tonne, which is USD 5.00 per metric tonne below last week's price.
Coriander seeds
The Indian Prime Minister has initiated the second phase of the lockdown, which will initially last until May 3. However, market players were able to prepare for this early on. More and more farmers are bringing their goods to the market, a large part of them coming from the province of Rajasthan. The sales are going well for the traders. Prices for coriander, Eagle, 5% Split remains stable at 760 USD per metric tonne.
Turmeric
Market players are expecting a good crop for the coming season, which pushed prices down slightly. Meteorologists expect sufficient rain during the monsoon season between June and September. The corona pandemic caused the trade to be sluggish and producers to be temporarily stranded on their supplies, but the market is now slowly recovering. Turmeric, salem, double polished currently costs USD 890 per metric tonne.
Chilli
During the extended lockdown, the Indian government reserves the right to declare certain regions as "Red Zones" where a strict curfew is in force. These include the market of Guntur, where all trading activities were prohibited from 21 March to 21 April. Meanwhile, prices for chilli peppers, S4, stemless, remained stable at USD 2,225 per metric tonne.
Black Pepper
According to market players, the forthcoming pepper crop will probably be smaller than initially estimated. Traders have seen significant losses in recent weeks as all trading was temporarily suspended due to the lockdown. The pepper growers are now hoping that trading will return to normal and that they can increase their sales again. The price of black pepper, 500 GL is at USD 5,020 per metric tonne, which is a decline of USD 20 per metric tonne compared to last week.
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