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India: Steady To Weak Market Sentiment in Mid October

by | Oct 21, 2021 | Cardamom, Chickpeas, Chili, Cinnamon, Cloves, Coriander, Cumin Seeds, Fennel, Mustard Seeds, Pepper, Sesame Seeds, Specials, Turmeric

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Most of the crops during this week experienced regular pricing in the market. It was expected that the prices for most commodities would significantly improve due to the increase in the local demand for the festivals. However, that prediction failed to prove true since the need for most items locally was low to average, and there were no significant export demands this week.

The crops that experienced a price increase were Sesame Seeds. Though the price increased on the first day of the week due to the upcoming festival, the hype failed to carry through with the price increase. Both white and black sesame seed prices increased on October 12 before they went stagnant for the week. White Natural 99/1/1 increased to $1,46 per kg FOB from $1,43 per kg FOB. White Natural Sortex 99.95% increased from $1,53 per kg FOB to $1,56 per kg FOB. All the hulled sesame seed varieties, too, had a price hike. 99.98% increased to $1,97 per kg FOB from $1,94 per kg FOB. 99.97%’s price increased from $1,87 per kg FOB to $1,90 per kg FOB and 99.95%’s price hike was to $1,88 per kg FOB from $1,86 per kg FOB.

The Black varieties of sesame seed had been registering the same price since the beginning of the month, and with its increased demand earlier this week, the prices moved up. Regular Black 99.90% trended significantly up, from $1,69 per kg FOB to $1,95 per kg FOB. Similarly, Super Z Black 99.95% and Semi Z Black 99.95% prices reached $2,09 per kg FOB from $2,00 per kg FOB and $3,02 per kg FOB from $2,06 per kg FOB, respectively.

However, it is believed the prices of Indian Sesame seeds will drop with less domestic demand and no export deals. Furthermore, the decreased selling price for Myanmar and Pakistan’s sesame seed in the global market will also be detrimental to Indian sesame seed prices.

The other crop that experienced a northward trend in the market was Mustard Seeds. Brown Mustard Seeds Micro Machine Clean was increased from $1,220 per kg FOB to $1,222 per kg FOB. However, Brown Mustard Seeds Bold Machine Clean price remained at $1,12 per kg FOB. Yellow Mustard Seeds Micro Machine Clean and Bold Machine Clean experienced a price increase. Micro Machine Clean’s price was recorded at $1,27 per kg FOB from $1,26 per kg FOB, while Bold Machine Clean traded at $1,39 per kg FOB from $1,38 per kg FOB this week.

This week, a steady increase in the price of Cumin seed varieties was recorded due to the higher domestic demand for upcoming festivals. Though the export demand is weak due to the shortage of containers and increased freight rates, the local demand is making it up for the Diwali festival. As a result, there had been an increase in the price of the seeds on consecutive days. i.e., October 11 and 12.  Cumin A grade 99% Pure closed the market at $2,05 per kg FOB after it increased from $2,02 per kg FOB to $,2,03 per kg FOB. Cumin A Grade 98% Pure’s price was hiked to $1,98 per kg FOB from $1,96 per kg FOB. Cumin FAQ 99% Pure and FAQ 98% Pure prices rose to $,195 per kg FOB from $1,94 per kg FOB and $1,02 per kg FOB from $1,91 per kg FOB, respectively.

There was a good local demand for the red chilli this week. It was apparent from the price increase for different varieties. Red Chilli S4 Stemless was traded from $2,02 per kg FOB after increasing from $2,01 per kg FOB. Market saw good demand for Byadgi, 355 Byadgi, 334/1 and Teja.

After a long time, another crop that experienced a price hike was Cashew Nuts. On Wednesday, the prices for all the varieties were increased. W240 was traded for $8,66 per kg FOB instead of its earlier price, i.e., $8,21 per kg FOB. Similarly, W320 and W450 prices also moved from $7,80 per kg FOB to $8,00 per kg FOB and $6,30 per kg FOB to $7,34 per kg FOB respectively. Even LWP and SWP prices were reported to have improved. LWP prices trended up from $5,54 per kg FOB to $6,67 per kg FOB and SWP price ascended to $6,01 per kg FOB from $5,35 per kg FOB.

Crops that didn’t experience any price rise this week were Groundnuts. All the varieties recorded stable prices amidst good demand due to the festival. Bold 40-50 remained at $1,22 per kg FOB, 50-60 at $1,25 per kg FOB and 60-70 at $1,26 per kg FOB. The Java varieties prices too stayed the same, 50-60 at $1,32 per kg FOB, 60-70 at $1,28 per kg FOB and 70-80 at $1,25 per kg FOB. According to the experts, the prices did not move up despite improved local demand due to the continuous and increased supply of the nuts.

Chick pea varieties also experienced a stable week with good demand and arrival of the crop in the market. 42-44 stayed at 1,35 per kg FOB, so did 44-46 at $1,353 per kg FOB, 46-48 at $1,31 per kg FOB, $58-60 at $1,30 per kg FOB, 60-62 at $1,25 per kg FOB and 62-64 at $1,24 per kg FOB.

Nutmeg and Cardamom, too, stayed stable this week. Nutmeg whole with shell traded for $5,50 per kg FOB while Cardamom varieties’ prices remained the same after it closed at a higher rate last week. Despite the best grades traded for a lower price, the average quality of the spice was in good demand, resulting in the prices remaining steady in the market. Green Cardamom 8mm was traded for $20,30 per kg FOB, 7.5 mm for $17,46 per kg FOB, 7.2mm for $16,44 per kg FOB, 7mm for $15,77 per kg FOB and 6.5-6.8mm for $15,43 per kg FOB.

Black Pepper 500 GL prices in India remained steady at $5,38 per kg FOB. In the international market, the Brazilian and Vietnamese Black Pepper prices remained stable too.

Like Black Pepper, the other crop that stayed steady in the market was Raisins. Golden Raisin AA Quality remained at $1,65 per kg FOB, Black Raisin AA Quality and Malaya Raisin AA Quality remained at $1,07per kg FOB and $1,15 per kg FOB, respectively.

Crops that experienced price drop this week were Fenugreek. The FAQ Machine Quality and Sortex traded for $9,90 per kg FOB from $1,01 per kg FOB and $1,03 per kg FOB from $1,06 per kg FOB, respectively.

Coriander, too, experienced a price drop this week due to the farmers holding to the crop till Dusshera, after which they intend to sell it at higher prices. Also, there is the less local demand for spice, and the high moisture content in the bags received in the market affected the price of Coriander. Eagle 5% Spilt and Eagle 100% Split prices were decreased on two consecutive days. Eagle 5%  Split fell from $1,12 per kg FOB to $1,08 per kg FOB to $1,07 per kg FOB while Eagle 100% Split decreased in price from $1,08 per kg FOB to $1,04 per kg FOB to $1,26 per kg FOB before closing the market. Even Cumin FAQ Single Parrot and Double Parrot experienced a price drop from $1,30 per kg FOB to $1,26 per kg FOB and $1,45 per kg FOB to $1,41 per kg FOB, respectively.

Fennel and Turmeric were the other two crop traders and farmers that witnessed a significant price drop this week. It is believed that the closure of many markets for the festival and lack of arrival of the crop in the market has affected the price.

Fennel Seeds A Grade 99% decreased from $1,59 per kg FOB to $1,46 per kg FOB and A Grade 98% slipped to $1,12 per kg FOB from $1,25 per kg FOB. Fennel Seeds FAQ 99% and FAQ 98% also had a price slip from $1,22 per kg FOB to $1,16 per kg FOB and $1,13 per kg FOB to $1,07 per kg FOB, respectively.

After ending the last week on a higher note, Turmeric Double Fingers failed to perform this week, and the prices decreased. Salem Double Polished No.1 was reported to have closed the market at $1,15 per kg FOB from $1,14 per kg FOB. Nizamabad Double Polished Dubai Quality traded at $9,96 per kg FOB, which was significantly low because it earlier sold at $1,02 per kg FOB. Nizamabad Double Polished Europe Quality price was recorded at $1,05 per kg FOB after it decreased from $1,07 per kg FOB.

It is expected the prices will remain stable or improve amidst the coming festivals.

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