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India: Market Held A Steady Sentiment Last Week

by | Sep 27, 2021 | Chickpeas, Chili, Fennel, Fenugreek, Mustard Seeds, Specials, Turmeric

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Most of the crops in the market kept a regular price with a slight improvement this week. The overall sentiment was stable, but the prices failed to improve as expected due to several factors. For most of the products, they experienced steady demand in the local market. But the prices were unable to improve much due to lack of export demand due to the high freight price, shortage of containers, and Covid-19 related restrictions in most South Asian countries. Heavy rain has also played an important factor in keeping the costs low earlier in the week.

The main crops that experienced a southward trend in their pricing were Peanut, Cumin, Turmeric, and Nutmeg. The main factor that caused the Peanut price to go down was the increased supply of new crops amidst lower demand in the local amidst export market. All the varieties of peanut prices decreased this week. Bold 40-50 closed at $1,32 per kg FOB from $1,33 per kg FOB. In the Bold type 50-60 and 60-70 too closed on a lower note at $35 per kg FOB from $1,36 per kg FOB and $1,31 per kg FOB from $1,32 per kg FOB respectively. Similarly, Java variety prices too decreased by $0,01 per kg for all the varieties, i.e., 50-60 fell from $1,44 per kg FOB to $1,43 per kg FOB, 60-70 decreased from $1,41 per kg FOB to $1,40 per kg FOB and 70-80 closed the market at $1,30 per kg FOB from $1,31 per kg FOB.

Cumin prices too fell on the first day of the week due to the lower demand. But a slight improvement was reported with an increase in local demand in the mandis of Rajkot and Gondal. The price for the spice fell from $2,08 per kg FOB to $2,04 per kg FOB from the A grade 99% pure variety. It was the same for all the other types; Eagle, 100% Split, decreased to $1,98 per kg FOB from $2,01 per kg FOB. Single Parrot and Double Parrot too decreased from $2,00 per kg FOB to $1,95per kg FOB and $1,97 per kg FOB to $1,92 per kg FOB, respectively.

This week, turmeric varieties traded at a lower price due to crops’ poor quality in the mandis, resulting in weak demand for the product. Also, the absence of big buyers and the Nizamabad market being closed for the festival impacted the price.  Salem Double Polished No.1 dropped to $1,15 per kg FOB at the end of the week after it dropped from $1,18 per kg FOB to $1,17 per kg FB earlier this week. The trend was the same for Nizamabad Double Polished Dubai Quality and Nizamabad Double Polished Europe Quality. The former decreased from $1,06 per kg FOB to $1,05 per kg FOB earlier this week before closing at $1,03 per kg FOB. Europe quality closed the week at $1,07 per kg FOB. The price for the type decreased from $1,10 per kg FOB to $1,09 per kg FOB.

The other crop that had a sudden price drop on the closing day was nutmeg. The price plummeted to $5,55 per kg FOB from $6,18 per kg FOB.

This week, crops that kept their price steady in the market were Mustard seeds, Chickpeas, Fenugreek, Fennel, Raisin, and Cashew.

The Brown Mustard Seeds Micro Machine Clean held $1,21 per kg FOB after it decreased last week. Even Brown Mustard Seeds Bold Machine Clean was firm at $1,12 per kg FOB. Both Yellow Mustard Seeds Micro and Bold Machine Clean varieties closed the market at the same price they opened this week after experiencing a price rise last week. While the former closed at $1,26 per kg FOB, the latter at $1,38 per kg FOB.

Prices for all the varieties of Chickpea stayed the same this week, 42-44 was $1,34 per kg FOB, 44-46 was $1,32 per kg FOB, 46-48 was $1,31 per kg FOB, 58-60 was $1,29 per kg FOB, 60-62 was $1,24 per kg FOB and last but not the least 62-64 closed at $1,23 per kg FOB.

Fenugreek FAQ Machine clean was sold for $1,01 per kg FOB. for the entire week, so was Fenugreek Sortex at $1,07 per kg FOB.

All the varieties of Fennel too experienced a steady price this week, with A Grade 99% at $1,54 per kg FOB.

This week, Raisin types stayed at the same price at Golden Raisin AA Quality, recorded at $1,65 per kg FOB. Similarly, the Cashew variety price stayed the same at $8,21per kg FOB for W240. All the other varieties of Cashew, too, recorded stable pricing this week.

The increased crop price was recorded for Coriander seeds, despite big buyers staying out of the purchase. However, the local demand for the spice for Eagle and Badami helped improve the crop’s overall price. Coriander Eagle, 5% Split rose to $1,125 per kg FOB from $1,130 per kg FOB this week, despite having a slump in the price in the middle of the week. During which the fee for Eagle fell, 5% split decreased $1,10 per kg FOB before picking up.

Red chilli too experienced a slight improvement in the price as the local demand was steady. For the s4 Steamless, the price improved to $2,015 per kg FOB from $2,010 per kg FOB this week.

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