Weekly:Spot Chilli/Coriander Firm; Pepper, Jeera & Turmeric Weak

Red Chilli and Coriander performed well as the prices rose by 8.99% and 3.74% respectively whereas, Turmeric was the top loser as the prices plunged by 1.09% in spices complex during the week ending on Friday 3rd November, 2017.

Prices are in Rs/Quintal:

Coriander:

Spot Corainder prices at the benchmark Kota market rose by 3.74% at Rs.4,938/100Kg during the week mainly tracking bullish cues from futures market (NCDEX) as the prices of the most active November contract rose by 1.64% at Rs.5,072/100Kg.

Coriander prices are expected to exhibit sideways to downward trend during sowing period as the present stock is enough to cater the domestic and export demand, traders said.

The demand for Coriander is likely to come as prices have already fallen around 35.88% as compared to same period last year.

Coriander sowing has started in the producing belts of Gujarat and Rajasthan and the area under Coriander is expected to decline this year as farmers are likely to shift to other commodities such as Jeera and Chana for better remuneration.

Arrivals in the benchmark Kota market is decreasing as the farmers are reluctant to liquidate their stock at prevailing prices as they anticipate some upward momentum in the prices.

Coriander arrivals at Kota market were pegged around 32,000bags during the month of October against 47,000bags in September (40Kg each), as per Cc Commodity Survey.

Coriander stock at the NCDEX accredited warehouses as on November 03 was recorded at 8,575 metric tonnes as compared to 13,318 metric tonnes during same period last year.

Red Chilli:

Red Chilli Teja variety prices at the benchmark Guntur market of Andhra Pradesh rose by 8.99% amid good export demand followed by prospects of lower deluxe quality stock availability.

The prices were cushioned by strong international demand, in the first quarter of the financial year 2017-18 Red Chilli export was recorded higher at 1,33,000 metric tonnes against 76,037 metric tonnes in first quarter of 2016-17.

However, the prices for other Chilli varieties ruled somewhat steady due to sluggish domestic demand as the buyers are only buying as per their urgent requirements as the liquidity in the market was earlier affected by the implementation of GST and then a month strike by the traders and commission agents against E-Nam.

Teja variety prices could remain supported for coming days due to steady demand from international buyers.

Further, Red Chilli crop in Andhra Pradesh, Telangana and nearby major producing centre’s is pegged around 85-90lakh bags (40Kg each) which is sufficient to cater the domestic and export demand, said a trader from Guntur.

Red chilli production in the country during 2016-17 pegged by trade sources at just above 16 lakh tonnes against around 14 lakh tonnes of 2015-16.

Jeera:

Jeera prices edged lower during the week ending Friday at benchmark Unjha market amid subdued domestic and export demand followed by bearish cues from futures market.

The most active November Jeera contract eased by 0.42% during the week ending Friday.

Although, the stocks of Jeera are thin, prices may not rise much unless international demand boost.Meanwhile, Jeera sowing has started in the producing belts of Gujarat and Rajasthan and the area this year is expected to rise as the farmers can switch from Coriander to Jeera for better remunerations.

Jeera stock at the NCDEX accredited warehouses as on November 03 was recorded at 6,685 metric tonnes as compared to 1,556 metric tonnes during same period last year.

Turmeric:

Turmeric prices are expected to trade sideways to downward due to large stock piles and subdued domestic demand.

Turmeric spot prices declined by 1.09% as compared to prices during last week and the similar tone is likely to be prevail in coming future, traders said.

Turmeric sowing in Telangana was recorded this year at 9,641 ha versus 17,784 ha last year same period whereas in AP it was recorded at 808 ha against 287 ha last year.

Further, market fundamentals are weak in Turmeric as sufficient stock is available followed by 48,500 metric tonnes with AP Markfed.

Turmeric prices of the most active November contract during the week plunged by 1.58% at Rs.7,208/100Kg on the NCDEX.

Turmeric stock at the NCDEX accredited warehouses as on November 3 was recorded at 2,099 metric tonnes against 2,957 metric tonnes last year same period.

Black Pepper:

Black Pepper prices continue to witness the downtrend due to availability of imported pepper at cheaper rates, trade sources said.

On Friday, 27 tonnes of Pepper were traded on the terminal market and out of which 16 tonnes were imported pepper and that were traded at Rs.400 a kg while 11 tonnes of mixed pepper were traded at Rs.420 a kg today, they said.

Imported pepper is available in all the primary markets and hence the material arriving at the terminal market is said to be a mixture of both indigenous and imported material.

Meanwhile, at the recently concluded IPC session in Sri Lanka, Indian official sources have projected a total Indian pepper production of 64,000 tonnes for next year as against estimated 57,000 tonnes for 2017.

Domestic demand in 2018 has been put at 58,000 tonnes as against 55,000 tonnes this year.

The exports have been shown at 21,000 tonnes next year up from 20,000 tonnes in 2017, trade sources who have attended the IPC Session have said.

According to them India would import 18,000 tonnes of pepper in 2018 as against 16,000 tonnes in 2017.

(By Commoditiescontrol Bureau; +91-22-40015533)