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Indian Spices Market Report- April 2021

Chilli


Crop & Market Scenario

  • Partial lockdowns in India due to a surge in positive Covid-19 cases, which has caused a reduced demand in the last couple weeks
  • Overall demand for chilli is normal to low, but slow for China and Bangladesh
  • Domestic demand is continuing as normal
  • Stock at major markets is active and covering all the major varieties, anticipating good prices during the offseason
  • Quality material availability has come down across markets
  • Stock at Guntur was at 0.18 million MT and total stocks across trading centers is expected to be around 0.49 million MT
  • 70% of the chilli has been harvested. The remaining crop should be harvested in major growing regions before the first week of May '21
  • Traditional crop at Karnataka is over by 90% and Tamil Nadu crop yields are expected to come down going to be at 50% of the normal production

Near Term View

Prices are expected to be range bound for good qualities and expected to firm up in the medium term


Major Varieties Price Trend - Guntur Market

Factors to Watch

  • Demand from both domestic and export markets
  • Quality availability in the next fortnight
  • Stock-ist activity

Turmeric


Crop & Market Scenario

  • New arrivals are flowing across origin, especially in Maharashtra & Tamil Nadu, and should be in full swing
  • Due to the surge in Covid-19 cases, full and partial lockdowns have been declared across some origins, which may affect the crop arrival speed and demand
  • Prices corrected down by 10% vs last month due to fresh crop arrivals & subdued demand at higher price levels
  • Processors and exporters who were waiting to cover their annual supply in Apr–May, have started purchasing
  • A significant downward price correction is unlikely, due to a production shortage and a tight stock situation
  • We could see good buying interest on any price dips

Turmeric harvest in Tamil Nadu, India

Near Term View

  • Downside from the current price seems to be limited. Buyers should cover their near-medium term requirement.

Cumin


Crop & Market Scenario

  • Harvest is finished and arrivals have started coming in from all growing regions since mid-March
  • Unjha market was closed for a week due to the number of Covid-19 cases caused by a second wave in Gujarat
  • CY21 output is down compared to last year, due to marginally lower acreage and a drop in yields
  • Conventional cumin prices have increased by 5% - 6%
  • EU pesticide compliant cumin procurement started in mid-March and will continue onward
  • There are concerns of a decrease in domestic demand due to the second wave linked lockdown restrictions

Coriander


Crop & Market Scenario

  • Carry out stock this year is less than it has been the last three years
  • CY21 crop output is similar to last year
  • Prices have been stable in the last few weeks
  • Similar to cumin, there are concerns of slowdown in domestic demand due to the lockdown restrictions
  • Prices are expected to remain stable

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