International Tea Commodities Update

Among the various centers in the country, price rise in tea auction in Calcutta  was the highest during the period 2004 to 2011, according to the data compiled by  the Indian Tea Association.

While the average price in the city auction center was $1.77 (€1.35, ￡1.11) per kg in 2004, this had gone up to $2.78 (€2.11, ￡1.74) per kg in 2011, it said. This was followed by Guwahati where prices increased from $1.52 (€1.16, ￡0.95) per kg to $2.33 (€1.77, ￡1.46) per kg. Among the international auction centers, price rise in Colombo auction center was the highest.

In 2004, the auction price was $1.78 (€1.35, ￡1.12) per kg which went up to $3.26 (€2.48, ￡2.05) per kg. The Mombasa auction center in Kenya was second where the price rise was $1.61 (€1.22, ￡1.01) in 2004 to $2.98 (€2.27, ￡1.87) in 2011. The North Indian variety fetched a better auction price compared to South India.

The average auction price of north Indian tea increased from $1.58 (€1.20, ￡0.99) per kg in 2004 to $2.50 (€1.90, ￡1.57) in 2011, while that for the south Indian variety was $1.06 (€0.81, ￡0.66) per kg to $1.50 (€1.14, ￡0.94) per kg.

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International Spice Commodities Update – Peppercorn

Pepper prices gained 0.44% to Rs 38,520 ($753.63, €575.92, ￡474.63) per quintal in futures trading today as speculators created fresh positions, supported by pick up in demand in the spot market.

However, higher supplies from Vietnam, the largest producer limited the gains.

At the National Commodity and Derivatives Exchange, the April delivery rose by Rs 170 ($3.33, €2.54, ￡2.09), or 0.44%, to Rs 38,520 ($753.63, €575.92, ￡474.63) per quintal, with an open interest of 3,212 lots.

The May contract traded higher by Rs 115 ($2.25, €1.72, ￡1.42), or 0.29%, to Rs 39,425 ($771.34, €589.46, ￡485.78) per quintal, with an open interest of 3,431 lots.

Analysts said pick-up in spot market demand due to the ongoing marriage season mainly helped pepper prices to trade higher at futures trade.

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International Spice Commodities Update – Chilli

Chilli prices fell by Rs 228 ($4.46, €3.41, ￡2.81) to Rs 5,520 ($107.87, €82.54, ￡68.03) per quintal in futures trade today on profit booking by traders on the back of poor demand from the domestic markets amid higher arrivals of fresh crop.

At the National Commodity and Derivative Exchange, the June contract fell by Rs 228 ($4.46, €3.41, ￡2.81), or 3.97%, to Rs 5,520 ($107.87, €82.54, ￡68.03) per quintal, with an open interest of 4,965 lots.

The April contract declined by Rs 208 ($4.06, €3.11, ￡2.56), or 3.87%, to Rs 5,168 ($100.99, €77.28, ￡63.69) per quintal, with an open interest of 6,415 lots.

Market experts said besides profit-booking, fall in demand in the spot market led to a decline in chilli prices at the futures market.

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Possible Ban on Mustard Seed Futures in India

The government of India is examining a proposal to ban futures trading in mustard seed and chana (chickpea) due to sharp increase in prices. A senior consumer affairs ministry official said, “We are monitoring the price movements of these two items that have risen sharply in the past few months.”

Mustard seed and chana (chickpea) are largely traded on the leading agricultural commodity exchange, the National Commodity & Derivatives Exchange (NCDEX). According to NCDEX data, chana (chickpea) prices had risen 67 per cent to Rs 3,989 ($77.73, €58.57, £48.95) a quintal as on March 28 in the April contract of this year, as against Rs 2,382 ($46.41, €34.97, £29.23) a quintal in the same period of the April contract last year. Similarly, prices of mustard seed in the April contract of 2012 increased 44 per cent to Rs 3,808 ($74.20, €55.91, £46.73) a quintal from Rs 2,646 ($51.56, €38.85, £32.47) a quintal in the April 2011 contract.

However, analysts are of the view that unlike guar gum and guar seed, prices of mustard seeds and chana (chickpea) are driven by fundamentals and not speculations.

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Indian Spice Exports Rise 0.9% in April-January – Special Report

Spice exports increased 0.94 per cent in the April-January period of the current financial year. A total of 436,175 tonnes, valued at Rs 7,849 crore ($1,545,693,366, €1,158,951,611, £972,360,145) were shipped in the first ten months of FY12, as compared to 432,115 tonnes valued at Rs 5,354 crore  ($1,054,356,259, €790,549,997 £663,271,272) in the same period of the previous financial year. The rise was 47 per cent in rupee terms and 40 per cent in dollar terms.

Spice exports from India have already achieved 121 per cent of the target set for 2011-12 in terms of value and 87 per cent in terms of quantity.

India exports pepper, cardamom (small and large), ginger, turmeric, cumin, celery, fenugreek, nutmeg, mace, tamarind, asafoetida and value-added products like curry powder and paste. All these registered an increase in both, volume and value, in the current financial year.

A total of 22,300 tonnes of pepper valued at Rs 721 crore  ($141,985,592, €106,459,945, £89,319,870) were exported, as against 14,950 tonnes valued at Rs 296.56 crore  ($58,401,175, €43,788,850 £36,738,836) in the April-January period. There was also an increase in the unit value from Rs 198  ($3.90, €2.92, £2.45) a kg in April-January 2011 to Rs 323  ($6.36, €4.77, £4.00) a kg now, according to the Spices Board data . There was also a considerable change in cardamom (small) exports, which hit an all-time high of 3,900 tonnes, worth Rs 308 crore ($60,654,039, €45,478,034, £38,156,061). In case of large cardamom, there was a 10 per cent increase in quantity and 52 per cent in value. The unit value has increased from Rs 538  ($10.59, €7.94, £6.66) a kg to Rs 743  ($14.63, €10.97, £9.20) a kg.

A total of 710 tonnes of large cardamom valued at Rs 53 crore ($10,437,221, €7,825,765, £6,565,815) were shipped, as against 645 tonnes at Rs 35 crore ($6,892,504 €5,167,958, £4,335,916) last year. Turmeric exports increased both in value and volume terms. A total of 67,000 tonnes valued at Rs 644 crore ($126,822,082, €95,090,436 £78,780,855) were exported, rising 69 per cent in quantity terms and 14 per cent in value terms.

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International Spice Commodities Update – Cardamom

Amid profit-booking by speculators at prevailing levels, cardamom prices fell by 1.71% to Rs 1,144 ($22.53, €16.89, £14.17) per kg in futures trade today. Adequate stocks availability in the physical market also put pressure on cardamom prices.

At the Multi Commodity Exchange, the April contract fell by Rs 19.40 ($0.38, €0.28, £0.24), or 1.71% to Rs 1,144 ($22.53, €16.89, £14.17) per kg in business turnover of 1,475 lots.

The May contract lost Rs 20.60 ($0.41, €0.30, £0.26), or 1.60%, to Rs 1,267.70 ($24.96, €18.72, £15.70) per kg in 616 lots.

Market analysts said profit-booking by speculators at prevailing higher levels amid sluggish demand in the spot market mainly led to fall in cardamom prices at futures trade.

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International Spice Commodities Update – Cumin

Cumin futures fell by Rs 240 ($4.78, €3.63, £3.01) to Rs 12,970 ($258.29, €196.42, £162.72) per quintal today as speculators offloaded their positions following increased supplies in the physical market against subdued demand. Expectations of higher output this year also put pressure on cumin prices.

At the National Commodity and Derivatives Exchange, the April cumin fell by Rs 240 ($4.78, €3.63, £3.01), or 1.82%, to Rs 12,970 ($258.29, €196.42, £162.72) per quintal with an open interest of 18,780 lots.

The March spice lost Rs 225 ($4.48, €3.41, £2.82), or 1.76%, to Rs 12,530 ($249.53, €189.75, £157.20) per quintal in 1,332 lots.

Analysts said offloading of positions by speculators due to sluggish demand in the spot market and reports of a higher output this year also kept pressure on cumin futures prices.

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International Spice Commodities Update – Turmeric

Turmeric prices fell by Rs 86 ($1.72, €1.32, £1.10) to Rs 4,282 ($85.68, €65.63, £54.84) per quintal in futures trade today on rising supplies due to estimates of a higher crop.

Subdued demand in the spot market also weakened the trading sentiment.

At the National Commodity and Derivatives Exchange, turmeric for delivery in May fell by Rs 86 ($1.725, €1.32, £1.10), or 1.97%, to Rs 4,282 ($85.68, €65.63, £54.84) per quintal, with an open interest of 12,460 lots.

The April contract lost Rs 54 ($1.08, €0.83, £0.69), or 1.26%, to Rs 4,234 ($84.72, €64.89, £54.23) per quintal, with an open interest of 22,655 lots.

Analysts said apart from rising supplies in spot markets, higher expected production this season mainly kept pressure on the turmeric prices at futures trade.

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International Spice Commodities Update – Cardamom

Cardamom futures rose by 2.72% in futures trade today as speculators indulged in enlarging their positions following reports of adverse weather conditions in major growing regions, and strong domestic and export demand.

At the Multi Commodity Exchange, the May cardamom surged by Rs 29.90 ($0.60, €0.46, £0.38), or 2.72%, to Rs 1,128.50 ($22.58, €17.21, £14.44) per kg, with a business turnover of 357 lots.

The April delivery rose by Rs 24.40 ($0.49, €0.37, £0.31), or 2.32%, to Rs 1,073.80 ($21.48, €16.38, £13.74) per kg, with a trading volume of 2,063 lots.  The March spice in March rose by Rs 9.20 ($0.18, €0.14, £0.12), or 0.98%, to Rs 946 ($18.93, €14.43, £12.11) per kg, with a trading volume of 477 lots.

Traders said besides reports of adverse weather conditions in major growing centres affecting the crop, strong domestic and export demand also supported the upside in cardamom prices at futures trade.

Meanwhile, the Forward Markets Commission’s (FMC) decision to levy 10% special cash margin on the commodity to check volatility in its market capped the gains.

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Chef Mauricio Jimenez Joins Keres Spices

Keres Spices is pleased to announce that Chef Mauricio Jiménez has joined our team as our new director of sales and marketing, Chef Jiménez is a seasoned professional with over 20 years of combined restaurant management, culinary consulting, culinary education, and international sales / marketing experience.

His experience will enable us to expand and further reach new horizons as we embark into our phase of new market development and expansion, while also developing new engaging and educative marketing strategies for our social media platforms.