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A Steady To Weak Market For The First Week Of October in India

by | Oct 8, 2021 | Specials

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The overall trend for most of the commodities was bearish. Apart from a few like Mustard seeds, a couple of varieties of Coriander, Turmeric, Black Pepper, and Dry Ginger rest of the commodities either traded at a lower price or stayed stable.

All varieties of Mustard Seeds experienced a price increase at the week’s beginning. Brown Mustard Seeds Micro Machine Clean closed the market after reaching $1,22 per kg FOB on the week’s opening. Similarly, Brown Mustard Seeds Bold Machine Clean closed at $1,12 per kg FOB. Both the Yellow Mustard Seeds varieties Micro Machine Clean and Bold Machine Clean closed the market at $1,26 per kg FOB and $1,38 per kg FOB, respectively.

The Eagle varieties of Coriander prices witnessed a hike in the middle of the week, while the Parrot varieties remained stable. Eagle 5% Split increased from $1,11 per kg FOB to $1,12 per kg FOB and 100% Split increased to $1,085 per kg FOB from $1,080 per kg FOB this week. Single Parrot and Double Parrot remained at $1,30 per kg FOB and $1,45 per kg FOB, respectively, this week. The price increase for Coriander is due to the increasing order from South India and other mills as the festivals are coming up. Hence, there has been a start of major activity in the auction markets across India for Coriander, helping boost prices.

All types of Turmeric had a price hike at the end of the week. Turmeric Finger Salem, Double Polished No. 1 closed the market at $1,14 per kg FOB after increasing from $1,13 per kg FOB. Both Nizamabad Double Polished Dubai and Nizamabad Double Polished Europe too had a slight price increase. Dubai Quality increased from $1,01 per kg FOB to $1,02 per kg FOB, while Europe Quality increased to $1,07 per kg FOB from $1,06 per kg FOB. The price hike for Turmeric is due to the weak arrival of the crop in the market amidst good demand. It has also been reported that the crop that arrived in the Kesamudram market were insect-infested, but the local demand for the product was good.

Black Pepper prices increased due to good export demand while the supply was weak. Compared to last season, the price for Black Pepper 500GL has increased by $10 per metric ton. The seeds witnessed prices increase twice this week. It opened the month at $5,37 per kg FOB after it increased from $5,34 per kg FOB last month. Black Pepper 500GL finally closed the market this week at $5,38 per kg FOB.

Dry Ginger NUGC quality to have a price increase at the opening of the month at $2,24 per kg FOB and stayed the same at the closing. The price increased from $2,13 per kg FOB, which was recorded at the closing of the last day of September.

Sesame Seeds had a mixed market price this week. In contrast, after experiencing a price hike on the first day of the month, all the white varieties witnessed a downward trend. In comparison, the black varieties’ prices stayed stable. For example, regular Black 99.90% opened and closed at $1,69 per kg FOB. Similarly, Super Z Black 99.95% and Semi Z Black 99.95% stayed stable at $2,00 per kg FOB and $2,06 per kg FOB.

All the White Natural and Hulled varieties of Sesame had a price drop this week. The drop is due to lower domestic and export demand and the absence of big buyers in the market. Also, the arrival of new crops is not causing any positive impact since most of them are damaged due to the heavy rain. As a result, White Natural 99/1/1 dropped from $1,45 per kg FOB to $1,44 per kg FOB before closing at $1,42 per kg FOB this week. White Natural Sortex 99.95% also decreased from %1,55 per kg FOB to $1,54 per kg FOB and closed the week at $1,52 per kg FOB. All the Hulled varieties also decreased due to slower demand among the hulling factories. White Hulled Sesame Seeds Auto Dry 99.95%, 99.97% and 99.98%’s prices fell from $1,90 per kg FOB to $1,188 per kg FOB, $191 per kg FOB to $1,90 per kg FOB and $1,91 per kg FOB to $1,97 per kg FOB respectively.

Fenugreek prices also had an overall decrease this week. For example, at the beginning of this week, the FAQ Machine Clean and Sortex decreased to $1,010 per kg FOB from $1,015 per kg FOB and $1,06 per kg FOB from $1,07 per kg FOB, respectively.

After experiencing a price slump on the first day of the market this week, Cumin Seeds stayed stable. The prices remained flat due to weak demand, while the arrival of cumin was higher in the market.  Cumin A Grade 99% Pure closed the week at $2,02 per kg FOB, A Grade 98% Pure was priced at $1,95 per kg FOB and stayed the same. FAQ 99% Pure stayed at $1,94 per kg FOB and FAQ 98% Pure remained at $1,91 per kg FOB.

It was the same for all the varieties of Fennel, i.e., after having a weak price at the beginning of the week, it stayed stable. A Grade 99% decreased to $1,59 per kg FOB, A Grade 98% reduced to $1,25 per kg FOB, FAQ 99% and FAQ 98%’s prices slumped to $1,22 per kg FOB and $1,13 per kg FOB, respectively.

Red Chilli S4 Steamless remained stable at $2,01 per kg FOB this week. Despite the weak export and local demand for specific varieties, an increase in the arrival of selected types and their demand for the likes of 334, S10, Teja, 355 Byagi led to the prices being stable in the market.

However, the increased quantity in the arrival of Cardamom and lack of demand from the major markets caused a significant price drop on the second day of the week, before it became stable. Green Cardamom 8mm decreased from $20,52 per kg FOB to $20,18 per kg FOB. the trend was the same for 7.5mm, 7.2mm, and 7mm. 7.5mm traded at $17,36 per kg FOB after dropping from $17,49 per kg FOB. 7.2 mm’s price was reduced from $16,54 per kg FOB to $16,34 per kg FOB. 7mm’s price decrease was marked at $15,67 per kg FOB from $15,87 per kg FOB.

The market for both Peanut and Chickpeas remained stable. While peanut prices are likely to go up in the coming days due to the steady demand and increase in the supply of the items. Also, the farmers are in a hurry to sell their crops will have a positive impact in the coming days for Peanuts. Despite the commodity and all its varieties starting the week at a downward trend compared to last week, the prices became stable as the week progressed. Bold 40-50 stayed at 1,22 per kg FOB, so did 50-60 at $1,25 per kg FOB and 60-70 at $1,26 per kg FOB.

The steady trend continues for chickpeas, thus keeping the prices stable despite no new demands in the market. All varieties remained stable, e.g., Chickpeas 12mm remained at $1,35 per kg FOB.

It will be interesting to note how the market fares as the Navaratri and other festivals across India are starting within a week.

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