24 Dec Global Spices Report
Pangea Brokers updated Global Spices Report
As it´s an extremely quiet on all fronts, we are happy to share with you some updated global spices details.
The most outstanding spices are the following:
The prices rose in futures as participants increased their position, driven by the recovery of demand in the SPOT market in behing the news about the contending parties in the next elections in Telangana (Nixamabad).
If they win the elections, the turmeric will get at least a 40% more than the current market price. So the farmers abstain from obtaining products in the market and wait for better returns after the elections.
Currently it´s the Indian largest exported spice. It is expected that the prices will go down in a 10% approximately, due to subdued exports, higher output in Madhya Pradesh and increases in sowing areas.
This would help and favor the exports, because currently the quantity of exxports is lower than other years. As well the domestic demand has started slowly.
The repulse in export demand and the deficient rainfall may drive the prices up in the coming weeks. So many farmers are expecting that the demand for the cumin will increase and they could cover the lower sowing of this year.
Added to this, there is a water shortage in the state that is affecting on the yield. So many farmers are holding back their stock to cover the possible losses.
The market remained stable with no major activities due the lack of interest prevailling amongst the buyers and sellers.
The new crop is expected to start in small quantities by the end of December and with the same quantity than this year.
The market firmed up after the Diwali Time in India. So the prices gained on gained on. Also the financial year has been for the growers, because the average price received was quite higher.
After the decline of the prices, it seems that now they are stable; but considering the current stock position, it is expected that the market prices will rise.
The demand shrunk with rise in prices and the rates, which had seen a little surge with good demand, have softened a bit. So currently the prices seems to be stable.
If you in the meantime need some additional or updated information about this or other spices, just let us know.