Only peanut price remained stable at $ 1,33 per kg FOB for Bold 40-50. All the other Bold varieties too held the price steady, so is the case for all the types of Java. $1,44 per kg FOB was the price for Java 50-60 this week. The steady nature of the peanut price is due to the rise in the export and domestic demand of the crop and peanut oil.
Despite the festival season on the way, the Chickpeas market traded weakly this week at $1,34 per kg FOB from $1,34 per kg FOB for 12 mm. With both less local and export demand for Chickpea, the slump continued.
The rest of the crops like Turmeric, Red Chilli, Black Pepper, Chickpea, Fenugreek, Cumin, Nigella, Dry, and Ginger experienced a decreasing price trend this week. One of the primary reasons is the lack of domestic and export demand. The rising freight price and shortage of containers resulted in lessening the export demand for most items. At the same time, buyers are not interested in buying the products at these levels.
Turmeric prices dropped, though not very much for all the varieties. Salem decreased from $1,18 per kg FOB to $1,17 per kg FOB, while Nizamabad, Dubai Quality price fell from $1,06 per kg FOB to $1,05 per kg FOB. Nizamabad, Europe decreased to $1,10 per kg FOB from $1,11 per kg FOB. The price drop was because the stockists and the traders were not interested in buying the crop variety at the current price.
Red Chilli s4 stem less price fell to $2,01 per kg FOB from $2,06 per kg FOB due to less export demand. But it was interesting to note the higher local order was the cause of the price not dropping significantly. Also, there is good news for traders and farmers, in the coming days, the market for export orders will increase; hence red chilli is likely to witness a bullish trend.
Black Pepper 500GL Indian variety has been trading at the lowest price in the international market, while Brazilian and Vietnamese black pepper variety keeps the costs steady. The lower demand for the product, both domestic and international, has resulted in the price drop from $5,31 per kg FOB to $5,29 per kg FOB this week.
Fenugreek’s case decreased from $1,05 per kg FOB to $1,01 per kg FOB for the variety FAQ Machine Clean. Similarly, for Nigella and Dry Ginger, the price dropped due to less demand. Nigella Machine Clean closed the week at $3,17 per kg FOB after falling from $3,22 per kg FOB earlier this week. Dry ginger too reduced to $5,29 per kg FOB from $5,31 per kg FOB at the middle of the week before closing at the said reduced price.
Cumin prices dropped for all its varieties earlier this week. A Grade 99% pure reduced to $2,08 per kg FOB earlier this week from $2,12 per kg FOB, A Grade 98% closed the market at $2,01 per kg FOB from $2,05 per kg FOB. Similarly, FAQ 99% Pure and FAQ 98% Pure closed at $2,00 per kg FOB from $2,05 per kg FOB and $1,97 per kg FOB from $2,01 per kg FOB, respectively. The price drop is due to the decrease in the domestic and export demand as the moisture content got high in the crop because of the heavy rain during the past few days.
The three crops that had improved pricing were Coriander seeds, the Eagle 5% split variety increased from $1,12 per kg FOB to $1,13 per kg FOB. The price increase was a result of the demand for spice from mills in South India. However, there has been a slump in the export demand due to the monsoon and increased moisture content in the crop.
Due to the upcoming festivals, Cardamom price for 8 mm increased to $21,64 per kg FOB from $19,12 per kg FOB; hence, it’s increased local demand.
Looking at the current scenario, it is expected that the mixed market trend is likely to continue in the coming days.
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