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Indian spice complex witnesses bearish mood this week

28 May 2022 3:16 pm
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Mumbai, 28 May (Commoditiescontrol) Indian spice complex remained bearish this week due to subdued demand for major spices like cumin seed, red chilli and coriander from the stockiest and the processors as well. The export demand for spices also remained subdued.



Apart from this, the major reason for bearish trend in spice market is the crisis of liquidity, a trade analyst said. The stockiest don’t want to keep high stocks, rather they buy as per the short-term demand, he added.


Speculations in future trade also dictate physical markets of the spices, the analyst said.

Coriander


Coriander seed prices dropped sharply in the physical market this week due to subdued demand and higher arrivals. As per the market sources, buyers mostly stayed away while arrivals increased as the farmers are liquidating their stocks as they need money for next kharif cropping.



Prices of coriander were down by Rs 100-600 per quintal on a weekly basis and the sharpest fall in the prices were witnessed at Kota.

Coriander seed futures also ended lower on the NCDEX this week. June contract of coriander seed ended at Rs 11190 per quintal on Friday against 11444 per quintal in the same day a week earlier.

Commodity

Market

Variety

28-05-2022

21-05-2022

Change

Min

Max

Prev. Min

Prev. Max

Dhaniya

Kota

BADAMI Rs 100kg - (Bag 40kg)

9300

9900

10400

10500

-600

Dhaniya

Kota

EAGLE

9600

10400

10500

11000

-600

Dhaniya

Ramaganj

BADAMI Rs 100kg (Bag

9500

9800

10200

10300

-500

Dhaniya

Ramaganj

EAGLE

10000

10200

10500

10700

-500

Dhaniya

Baran

BADAMI Rs 100kg (Bag 40kg)

10300

10500

10600

10700

-200

Dhaniya

Baran

EAGLE

10500

10700

10800

10900

-200

Dhaniya

Kumbhraj

BADAMI

9500

10200

10200

10300

-100

Dhaniya

Kumbhraj

EAGLE

10400

10700

10600

10800

-100

Dhaniya

Guna

BADAMI

9500

10000

9500

10000

0

Dhaniya

Guna

SCOOTER

11000

11600

11500

12000

-400

Dhaniya

Guna

EAGLE

10000

10500

10500

11000

-500



Cumin seed



Cumin seed prices also declined this week due to weak demand from local buyers and the exporters as well. The major physical market of Unjha witnessed a fall by Rs 50 per bag of 20 kg each this week amid volatile trade.

However, prices of cumin seed are expected to remain firm ahead.

As per the trade analysts, cumin seed prices are likely to remain firm in the long term the crop size is low. According to them crop size is nearly 40% lower in the major producing states of Gujarat and Rajasthan while export demand is expected to remain firm.


For the 2021-22 season, cumin sowing in Gujarat was restricted to little over 3 lakh hectares compared to previous year’s 4.70 lakh hectares. Same is the case with neighbouring Rajasthan, which registered a 20% reduction in acreage.

That’s the reason futures ended nearly flat on a weekly basis.

At National Commodity and Derivatives Exchange (NCDEX), cumin seed futures for delivery in June ended at Rs 21460 per quintal on Friday against 21555 per quintal in the corresponding last week.



Commodity

Market

Variety

28-05-2022

21-05-2022

Change

Min

Max

Prev. Min

Prev. Max

Jeera

Unjha

Rough (20 kg)

3650

3750

3700

3800

-50

Jeera

Unjha

Ncdex (20 kg)

3950

4050

4000

4100

-50

Jeera

Unjha

Best Quality (20 kg)

4150

4250

4200

4300

-50

Jeera

Unjha

Bomabay BOLD (20 kg)

4350

4450

4400

4500

-50

Jeera

Rajkot

Europe Quality (20 kg)

3900

4000

3950

4050

-50

Jeera

Rajkot

Singapore Quality (20 kg)

3750

3870

3800

3900

-30

Jeera

Rajkot

Discolor (20 kg)

3550

3700

3600

3800

-100

Turmeric

Turmeric prices also closed the week with bearish tone in most of the markets. However, no change in the prices of turmeric were observed at Nizamabad on a weekly basis. Nanded market witnessed firmer tone and prices were Rs 100 per quintal up from the last weeks closing.

Commodity

Market

Variety

28-05-2022

21-05-2022

Change

Min

Max

Prev. Min

Prev. Max

Turmeric

Erode

Gattha

6200

6400

6000

6200

200

Turmeric

Erode

Finger Rs 100kg - Bag75kg

7200

7400

7000

7200

200

Turmeric

Duggirala

Finger Rs 100kg - Bag70kg

5500

6000

5500

6200

-200

Turmeric

Duggirala

Gattha

5500

6000

5500

6200

-200

Turmeric

Nizamabad

Gattha 100 kg- 60 kg

6800

6900

6800

6900

0

Turmeric

Nizamabad

Finger

8200

8300

8200

8300

0

Turmeric

Nizamabad

D P Finger

8500

8500

8500

8500

0

Turmeric

Nizamabad

D P Gattha

7400

7400

7400

7400

0

Turmeric

Sangli

Kadapa

5600

6600

5800

6800

-200

Turmeric

Sangli

Rajapuri

6300

8100

7900

8000

Turmeric

Nanded

Gattha Rs 100kg - Bag 70Kg

6000

6600

6000

6500

100

Turmeric

Nanded

Finger

7000

7400

7000

7300

100

Turmeric

Warangal

Gattha Rs 100kg - Bag 60Kg

6100

6100

6100

6100

0

Turmeric

Warangal

Finger

6400

6400

6500

6500

-100

Turmeric

Warangal

BULB POLISHED

6800

6800

7200

7200

-400

Turmeric

Warangal

FINGER POLISHED

7000

7000

7300

7300

-300

Turmeric

Kesamudram

Gattha Rs 100kg - Bag 75Kg

6100

6100

5900

6100

0

Turmeric

Kesamudram

Finger

6650

6650

5900

5900

750

Red chilli

Red chilli prices also remained in lower range in the market of Warangal due to weak demand and supply as other major markets like Guntur and Khammam were closed.

As per the trade analysts, export demand for chilli is week and its demand from local pickle industry is not as much as expected earlier.

Commodity

Market

Variety

28-05-2022

21-05-2022

Change

Min

Max

Prev. Min

Prev. Max

Chilli

Warangal

TEJA

140

161

140

165

-4

Chilli

Warangal

341

150

175

160

185

-10

Chilli

Warangal

W.HOT

170

205

170

196

9


       
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