MUMBAI (Commoditiescontrol) - Red chilli prices ruled higher at major spot markets in the country during the week ended April 13 due to better buying support and shortage of good quality stock.
Besides, rising demand in medium quality stock supported the prices even a rise in arrivals.
As far as old stock is concerned, it has been depleting gradually from major markets. A total of 30 lakh bags of new crop and 10 lakh bags of old crop are still left at cold storages in Guntur area. Moreover, increase in pace of arrivals may push up stocks at godowns by 10-15 lakh tonnes.
According to the local traders, very limited good quality stock is left due to declining arrivals. Also the increase in temperature is expected to reduce the arrival of spice in coming days, resulting in a likely increase in prices.
Medium and pala quality stock is now seeing a strength of Rs 200 to 300 from low levels due to increase in the demand for medium quality in north and east India (Bihar, Punjab, Rajasthan, Delhi), they added.
They further said that the stockists have or have been stocking the spice at the lower level, which can lead to a rise in price in the coming days.
Besides, demand is now emerging for Teja and 341 varieties from Dubai, Bangladesh and other muslim countries ahead of Ramadan Season, which will run from May 15 to June 14 in 2018, sources said.
In the last 5 years, there has been an increase in the average consumption of domestic spice along with an increase in export demand, which can not be sufficient for supply.
Demand for medium quality stock may increase in coming days as spices companies are likely to shift towards it owing to ample supplies at comparatively lower levels.
At the Guntur market yard, total arrivals during the week were reported over 3.50 lakh bags, up 30,000-40,000 bags from last week.
(By Commoditiescontrol Bureau; +91-22-40015567)
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