Spices

Spice market update: many local markets closed

July 16, 2020 4:03 PM, 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

After prices have risen slightly in recent weeks, the good crop prospects and weakened international demand are now leading to significant price reductions again. The gastronomy sector in particular is currently showing little buying interest. This applies both on the domestic market and internationally. Afghanistan, Turkey and Syria also speak of a good new crop, so that there are more than enough goods available. Market players reckon that good quality goods will be offered at favourable prices in the coming months. Grade A cumin costs USD 1,925 per metric tonne this week.

Coriander seeds

For various reasons some local Indian markets will remain closed this week. While the mandis of Ramganj in Rajasthan and Kota are not opening as a precautionary measure due to the coronavirus pandemic, there is no trade in Kumbhraj in Madhya Pradesh due to a strike. This leads to a lower supply, but since demand remains rather low, no price increases are in prospect. Coriander, Eagle, 5% split is currently trading at USD 865 per metric tonne.

Turmeric

While prices fell at the beginning of the week due to weak domestic demand, they have been able to remain at a stable level ever since. Some major local markets have been closed due to rising corona infections and auctions in Telangana were also interrupted due to heavy monsoon rains. The quality of the goods is also not very convincing, so that traders are currently only stocking up on the most necessary. Turmeric, Salem, double polished is at USD 910 per metric tonne and thus USD 35 per metric tonne below last week's price.

Chilli

Prices for chilli are currently stable. Market players are reporting increased buying interest from Bangladesh, and as a direct freight train connection was recently opened, demand from exporters is beginning to pick up. Per trip about 500 metric tonnes of chilli can be delivered, last week the exports to Bangladesh amounted to 384 metric tonnes. The prices for chili, S4, stemless are at USD 2,005 per metric tonne this week and thus show no change compared to last week.

Cardamom

After two financially satisfactory years, farmers now fear that cardamom prices could fall by 25-30% due to high production and weak demand as a result of the Covid-19 pandemic. This would leave prices still at the good levels of three years ago. Buyers are hesitant because of the uncertain situation and do not want to make major investments. The production estimates for 2020/2021 are around 23,000 metric tonnes, which is a significant increase from the 16,000 metric tonnes of last year. So far, the farmers expect good quality, provided that no major damage is caused by the monsoon. Export demand from Saudi Arabia has increased again. Cardamom, 8 mm is currently at USD 29,875 per metric tonne.

Black Pepper

Market players report low levels of trading activity and farmers remain concerned about the increasing imports, which pose a threat to domestic pepper production. According to reports, between January and June 2020, about 11,055 metric tonnes of pepper were imported, mainly from Sri Lanka. Prices are following a slight downward trend and are currently at USD 4,550per metric tonne.

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