International Spice Commodities Update – Cardamom

Cardamom continued its positive trend due to good demand from domestic and overseas buyers. According to media information, Spices Board of India has undertaken replantation and rejuvenation schemes for raising cardamom production and yield in Kerala and the northeastern states.

Chairman of Spices Board, A. Jayathilak said under the scheme the board has covered 8807 hectares area in small cardamom and 4000 hectares in large cardamom. Added, in 2011-12, output of cardamom is expected to rise by 20 percent to 12750 tonnes due to  favorable weather. On the other hand, traders are of the opinion that if the current weather conditions prevail the  production may decline compared to previous year.

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International Spice Commodities Update – Chilli

Despite higher arrivals, firm demand from stockists and exporters for the new crop supported chilli prices. The 334-variety chilli in Guntur fetched Rs.5000 ($101.86, €75.71, £64.20) per 100 kg. Chilli arrivals in Guntur were around one hundred thousand bags (1 bag = 45 kg), up from near 80,000 bags on previous trading day.  However, increase in daily arrivals amidst good output estimates may cap sharp gain in chilli prices.

Chilli acreage in Andhra Pradesh, the largest producer of the spice in the country, was at 51,923 hectares, up by 19.1 percent compared to same period last year,  according to latest data by the  state agriculture department.

Price outlook for the day is mixed. We expect NCDEX March contract to test the support of Rs.5200 ($105.94, €78.74, £66.76) with resistance being Rs.5500 ($112.05, €83.28, £70.62) per quintal (per 100kg)

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International Spice Commodities Update – Coriander

Good demand from local spice firms and  stockiests supported prices.  Total coriander arrivals in the key markets of Rajasthan were around 18000 bags (1 bag = 40 kg), up from 11000 bags on Saturday.  The  spice traded higher compared to previous day at around Rs.4300 ($87.60, €65.11, £55.21) per 100kg in Kota.

Reports on fall in acreage in major growing areas are further supporting coriander futures. Coriander acreage in Andhra Pradesh was at 8870 hectares, down by 48 percent compared with same period last year. Mainly dry weather prevailed in the state during last week.

Outlook for the day is positive. NCDEX March contract can test the resistance of Rs.4600 ($93.71, €69.66, £59.06) with support being at Rs.4350 ($88.62, €65.87, £55.85). per quintal (per 100kg).

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International Spice Commodities Update – Peppercorn

Pepper prices gained 1.89% to Rs 37,240 ($755.60, €564.39, £476.91) per quintal in futures trade today as speculators creating huge positions, supported by lower crop estimates.

At the National Commodity and Derivatives Exchange, the April contract for pepper rose by Rs 690 ($14.00, €10.46, £8.84), or 1.89%, to Rs 37,240 ($755.60, €564.39, £476.91) per quintal with an open interest of 2,753 lots

The March contract jumped up by Rs 540 ($10.96, €8.18, £6.92), or 1.49%, to Rs 36,770 ($746.07, €557.26, £470.89) per quintal in 4,226 lots.

Analysts said the rise in pepper prices at the futures trade was mostly attributed to speculations of lower crop estimates and rising demand in the spot market.

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International Spice Commodities Update – Cumin

Cumin prices rose by Rs 142.50 ($2.89, €2.16, £1.82) to Rs 13,13,982.50 ($283.71, €211.91, £179.06) quintal in futures trade today as traders created fresh positions buoyed by pick-up in spot demand.  However, estimates of higher output this season restricted the gains.

At the National Commodity and Derivatives Exchange, the March contract for cumin moved up by Rs 142.50 ($2.89, €2.16, £1.82, or 1.03%, to Rs 13,982.50 ($283.71, €211.91, £179.06) per quintal with an open interest of 11,475 lots.

The April contract traded higher by Rs 110 ($2.23, €1.67, £1.41), or 0.78%, to Rs 14,240 ($288.93, €215.81, £182.36) per quintal in 11,490 lots.

Analysts said fresh buying by traders on expectations of a rise in demand during the ongoing marriage season mainly pushed up cumin futures prices.

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International Spice Commodities Update – Cardamom

Cardamom prices rose sharply by Rs 28.60 ($0.58, €0.43, £0.37), or 3%, to Rs 981.30 ($19.91, €14.87, £12.57) per kg in futures trade today as speculators enlarged their positions on the back of strong demand in the spot market.

Tight supplies in the physical market following restricted arrivals from producing regions further fueled uptrend in cardamom prices.

At the Multi Commodity Exchange, the April contract rose by Rs 28.60 ($0.58, €0.43, £0.37), or 3% to Rs 981.30 ($19.91, €14.87, £12.57) per kg in business turnover of 743 lots.

The March contract moved up by Rs 24.40 ($0.50, €0.37, £0.31), or 2.74%, to Rs 915.60 ($18.58, €13.88, £11.73) per kg in 2,932 lots.

Market analysts said increased buying by speculators on the back of strong demand in the spot market in view of the marriage season mainly pushed up cardamom prices at futures trade.

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International Spice Commodities Update – Turmeric

Turmeric futures prices moved up by Rs 92 ($1.87, €1.41, £1.19) to Rs 4,790 ($97.46, €73.28, £62.00) per quintal today, as speculators created fresh positions, tracking a firming trend at spot market on pick up in demand.

However, Estimates of a bumper crop restricted the gain.

At the National Commodity and Derivatives Exchange, the May contract rose by Rs 92 ($1.87, €1.41, £1.19), or 1.96%, to Rs 4,790 ($97.46, €73.28, £62.00) per quintal, with an open interest of 8,085 lots.

The April contract gained Rs 74 ($1.51, €1.13, £0.96), or 1.58%, to Rs 4,760 ($96.85, €72.82, £61.61) per quintal in 16,220 lots.  Analysts attributed the rise in turmeric futures to fresh buying by speculators after pick-up in demand in the spot market.

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International Spice Commodities Update – Cumin

Cumin prices gained Rs 107 ($2.18, €1.64, £1.38) to Rs 14,040 ($285.65, €214.78, £181.72) per quintal in futures trade today as traders created fresh positions, driven by a rise in spot demand.

However, estimates of higher output this year limited the gain.

At the National Commodity and Derivatives Exchange, the March contract for cumin rose by Rs 107 ($2.18, €1.64, £1.38), or 0.77%, to Rs 14,040 ($285.65, €214.78, £181.72) per quintal, with an open interest of 11,853 lots.

The April contract gained Rs 94 ($1.91, €1.44, £1.22), or 0.66%, to Rs 14,250 ($289.93, €217.99, £184.44) per quintal, with a business volume of 10,878 lots.

Analysts said fresh buying by traders following pick-up in demand in the spot market mainly helped cumin futures prices to trade higher.

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International Spice Commodities Update – Cardamom

Cardamom advanced for the second straight day by adding Rs 9.70 ($0.20, €0.15, £0.13) to Rs 881 ($17.93, €13.48, £11.40) per kg in futures trading today on rising demand in the spot market, supported by the ongoing marriage season.

Restricted arrivals in the physical market from producing region also influenced the cardamom prices.

At the Multi Commodity Exchange, the April contract moved up by Rs 9.70 ($0.20, €0.15, £0.13), or 1.11%, to Rs 881 ($17.93, €13.48, £11.40) per kg, with a business turnover of 266 lots.

The March contract traded higher by Rs 8.80 ($0.18, €0.13, £0.11), or 1.06%, to Rs 837.30 ($17.04, €12.81, £10.84) per kg, with a business turnover of 1,439 lots.

Traders said rising demand in the spot market due to ongoing marriage season amid less arrivals from producing region mainly led to rise in cardamom prices at futures market.

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International Spice Commodities Update – Chilli

Chilli prices moved up by 2.03% to Rs 5,338 ($108.61, €81.66, £69.09) per quintal in futures trading today as speculators created fresh positions driven by pick-up in spot market demand.

At the National Commodity and Derivatives Exchange, the March contract rose by Rs 106 ($2.16, €1.62, £1.37), or 2.03%, to Rs 5,338 ($108.61, €81.66, £69.09) per quintal, with an open interest of 3,730 lots.

The April contract rose by Rs 108 ($2.20, €1.65, £1.40) , or 2.02%, to Rs 5,466 ($111.21, €83.62, £70.75) per quintal, with an open interest of 1,330 lots.

Market analysts said fresh buying by speculators on the back of a rise in spot demand mainly pushed up chilli prices at futures trade.

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