OfBusiness Spices Dailies

9^th June’23

Price

• Chilli prices remain steady for both AC and Non AC stocks across all markets.
• Currently, Khammam and Warangal markets are open for trading, and prices for both AC and Non AC stocks are staying stable.
• Today, the bidding for Teja Deluxe in Khammam market closed at Rs. 242/kg during the morning Janda Paata in cold storages. The price has remained stable for Teja in Khammam since the market reopened after the holidays.
• Warangal market continues to experience slow activity with low-quality arrivals. All the arrivals are the last and final pickings. Bidding for 341 variety is reaching up to Rs. 235/kg in cold storages, while Teja remains stable at Rs. 240/kg.
• The cumin market in Unjha is witnessing a strong upward trend, with prices consistently trading around Rs. 450 or higher. In the recent closing market, the bold quality cumin closed at Rs. 480/kg. Price fluctuations have been ongoing for the past few days in the market.
• Bidding for fennel has slightly rebounded after a previous decline, with the market closing at Rs. 295/kg. This fluctuation in fennel prices has been observed over the past few weeks and continues to persist.
• The prices of Dill seed/Ajwain are stable in the market, with a bidding rate of Rs. 161/kg recorded in the closing market yesterday.
• In Guntur cold storages, the bidding for Teja Deluxe reached Rs. 240/kg, while for 5531 it went up to Rs. 230/kg, and for 341 Deluxe it reached Rs. 235/kg.
• In the Duggirala market for turmeric, the bidding stood at Rs. 5300 per quintal for bulb variety and Rs. 5500 per quintal for finger variety.
• In the Cudappa market, the bidding rate for the bulb variety of turmeric is Rs. 4790 per quintal, while for the finger variety it is Rs. 5625 per quintal.

Demand and Supply

• Trading activity has slowed down in Guntur cold storages, and the market is scheduled to reopen next week. Currently, only limited bidding is taking place in the cold storages. Since the first day of operation, the market in Guntur has remained stable. However, there have been minor fluctuations of up to Rs. 10 in prices for certain varieties.
• Prices remain stable in Guntur, with bidding for Non AC stock going below Rs. 190. Small-scale traders and local powder millers are opting for Non AC stock as a cost-cutting measure.
• In Guntur, prices for almost all varieties are following a similar trend, hovering around Rs. 230/kg. Sales are currently slow due to high temperatures and a severe shortage of labor in the yard, which is typical during the holiday period in Guntur.
• Red chillies are anticipated to maintain stability over the next five to seven days. The price of 334 red chilli remained unchanged at Rs 24,500 per quintal last week due to sluggish buying, even with reduced prices. Currently, Guntur is experiencing summer vacation, which is expected to impact market sentiment. However, business is expected to resume its normal pace after a week. In the upcoming week, red pepper in the spot market is predicted to remain robust.
• The cumin market in Unjha has been experiencing fluctuations for the past two weeks. Prices have been hovering around Rs. 450/kg, reaching over Rs. 480/kg in the recent market. In the latest market session, the price closed at Rs. 481/kg. This ongoing fluctuation in cumin prices has been observed for the past few weeks.

News

• Farmers are gradually selling their stocks in the cold storages, with final picking and leftover stocks being available for sale in Guntur.
• There is news circulating that the market may remain closed due to the high temperatures, and it is speculated that the holidays may be extended by another week. However, an official announcement from the management is still pending to confirm this information.
• Guntur market is facing a significant labor shortage due to the combination of high heat waves and seasonal holidays. Many laborers have returned to their hometowns during the holidays, resulting in a shortage of available labor in the market.
• The heat waves persist in Guntur, causing a slowdown in work across all the godowns.

OFB’s Opinion

• Prices in the Guntur market, both in cold storages and warehouses, have remained stable. This stability has been observed for the past few days and is expected to continue throughout the ongoing week.
• There is no indication of a decrease in chilli prices. Currently, the market is stable with a high trend, and there is a possibility of a slight increase in prices by the following week.