Spices

Spice market update: cardamom production doubles

July 24, 2020 8:45 AM, Der AUDITOR
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GUJARAT. Weekly monitoring with the latest market information from India on cumin, coriander and turmeric, chilli, black pepper and cardamom as well as a price list for more than 70 products.

Cumin

Low arrivals and good domestic demand caused price increases on the cumin market. The auctions in Unjha are currently held on alternating days to avoid large crowds. As geopolitical tensions subside, export demand from China is also rising again and market players expect buying interest in other countries to rise again once the lockdowns are lifted and consumption picks up again. Grade A cumin is trading at USD 1,975 per metric tonne this week.

Coriander seeds

Despite lockdowns and rising infections in India, the coriander market was able to maintain its stable level. Due to lower production volumes and closed local markets, there is currently no supply pressure, which is due to sufficient overhang stocks. Due to the recession on the foreign exchange market, buyers are hesitant about making large investments and are storing only small quantities. Prices have increased slightly and are currently at USD 895 per metric tonne.

Turmeric

For farmers, curcuma sowing is not very attractive this season, as they have not been able to obtain good prices for their products so far. New sowing has already started and market players estimate that production is likely to decrease by about 10%. Demand remains weak due to the Covid-19 pandemic and local markets remain partially closed. Some export demand from Bangladesh is supporting prices, but long-term contracts are rarely concluded. The prices for turmeric, Salem, double polished are currently at USD 915 per metric tonne.

Chilli

There is no movement in the chili market as the mandis in Andra Pradesh and Telangana remain closed and there are no auctions. Market players expect prices to rise after the reopening of the mandis and the expected increase in demand. Currently, they remain at the level of last week and range at USD 2,005 per metric tonne.

Cardamom

After a three-day closure, the auction centres in Kerala are now open again. Good arrivals are reported as the new crop is already available in the market, but market players expect most of it to be ready for sale in August. At 8%, the product has a good moisture content. The high level of arrivals should put prices under heavy pressure in the coming weeks. In addition, a significant increase in production volume is expected; the trade expects 23,000 metric tonnes, which is almost twice the volume produced last year. Cardamom, 8 mm is trading at USD 29,775 per mtric tonne this week, which is USD 100 per metric tonne below last week's price.

Black pepper

On the domestic market, demand for black pepper has increased significantly in recent weeks, as it is said to strengthen the immune system and protect against disease. In addition, traders report that buyers are stocking up on upcoming festivals such as Onam and Ganesh Chathurthi. Farmers see their chance and hold back goods to drive prices up further. Currently, black pepper, 500 g/l costs around USD 4,635 per metric tonne, which is USD 85 per metric tonne more than last week.

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