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Wednesday, March 31, 1999

Spices subdued as traders square off year-end deals 

Our Bureau  
Mumbai, Mar 30: Spices market all over India witnessed a pause during the week ended on March 27, as the producing centres remained closed to square up accounts for the year ending on March 31.

The position of the markets in terms of buying and selling activities are likely to remain subdued in the ensuing week as the centres will remain closed till April 2, for the purpose of accounting. While the prices of turmeric remained steady during the week, coriander, particularly the Indore variety looked down. Black pepper remained almost steady while the farmers continued to halve their new pickings in the fields.

Turmeric: Markets of Andhra Pradesh were closed for accounting for the year 1998-99, and are yet to remain closed till April 2. These has brought a temporary pause in selling. Prices may witness temporary improvement due to curbed sales. Though commencement of arrivals of new crop at all the producing centres like Nizamabad, Cuddappah, Erode and Duggirala are expected to drift the prices onthe lower side during April. In Sangli spot remained at Rs 2,600. Truck loads were traded between Rs 2,200 and 2,300. In Mumbai FOB prices are Rs 2,450/2,500 for Nizamabad variety, Rs 2,400/2,450 for Cuddapah variety, Rs 2,400/2,450 for Duggirala variety and Rs 2,600/2,650 for the Sangli polished variety.

Coriander: Indore variety lost ground this week due to heavy selling and lost Rs 50 a quintal. Indore average ruled at Rs 1,250/1,275, while Kanpur averaged at Rs 1,500/1,650. Machine cleaned (M/C) and washed Kanpur traded at Rs 1,500/1,650 and M/C and washed Indore at Rs 1,325/1,600. The 100 per cent split M/C ruled at Rs 1,000/1,025 per quintal. Reduced price level attracted stray export orders.

Cumin: Prices hovered around previous week's level and Unjha continued to receive about 15,000 bags daily. About one per cent M/C for Singapore/Dubai quality ruled at Rs 1,200/1,225 while for Europe it was quoted around Rs 1,275/1,300. The four per cent general M/C variety was quoted at Rs1,150/1,175 per twenty kgs for FOB Mumbai.

Fennel: In fennel, arrivals did not witnessed any substantial increase due to 50 per cent reduction in crop size. Prices remained range bound. Dubai/Singapore quality was posted at Rs 825/850 and for London/Europe quality at Rs 875/925 per 20 kgs at FOB Mumbai.

Fenugreek: Sustained arrivals of new crop, pushed down the prices to new lows. M/C best bold ruled at Rs 1,900/1,950, best machine cleaned at Rs 1,425/1,450 and average at Rs 1,325/1,350. Exports peaked to 300 tonnes. The markets witnessed a subdued tone. Dill seed: Prices escalated further. There was a fresh gain of Rs 100 per quintal. The one per cent M/C ruled at Rs 3,650/3,750 and 11 per cent FAQ at Rs 3,200/3,250. New crop jumped to Rs 4,150/4,250 per quintal FOB Mumbai.

Ajwain: Prices of the spice ruled firm. Jamnagar ruled between Rs 4,800 and Rs 5,300, MP superior Rs 5,200/5,300 and medium at Rs 4,800/5,000 per quintal FOB Mumbai.

Chillies: The markets remained closed inAndhra Pradesh which pushed up the prices. Chillies with stem ruled at Rs 3,350/3,400 while chillies without stem ruled at Rs 4,450/4,500. Malaysia and Indonesia were the major buyers during the week.

Tamarind: Firm trend continued this week. Prices further flared up by Rs 100 per quintal on report of loss in production and paucity of good quality goods. Basket edged up to Rs 2,300/2,400, slab at Rs 2,200/2,500 while consumer packs at Rs 2,300/.

2,600. Black pepper: Farmers held on to their stocks as well as reduced their new pickings. Shippers faced severe problems as they could not procure goods for prompt shipping. The prices at Malabar continued to fluctuate in a narrow range. Spot ready delivery ungarbled ruled at Rs 178/180 in Cochin.While in futures section May delivery ruled at 1,84,500 and June delivery at Rs 1,94,000 per quintal FOB Cochin. FOB Mumbai ruled at Rs 1,93,000/1,94,000 per MT. Ginger: Prices maintained firm levels of previous week. NUGC good FOB Cochin ruled at Rs90,000 and FOB Mumbai at Rs 90,000 per MT.

Sesame seeds: Prices of hulled variety improved abruptly due to sudden scarcity of raw goods. The variety 98x2 was quoted at Rs 3,500/3,550, while 95x5 at Rs 3,300/3,350. Hulled ruled at Rs 4,250/4,350.

Peanuts: The prices of this commodity ruled steady. New crop arrivals are likely to commence next month. Prices of 45/50 counts are Rs 2,900/2,950, 50/60 counts at Rs 2,800/2,850 and 60/70 counts at Rs 2,450/2,500 and 70/80 counts at Rs 2,350/2,400 and 80/90 counts at Rs 2,200/2,250.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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