SENSEX NIFTY
Home » News » Brokerage Recos - Commodities
May 23, 2012, 01.50 PM IST | Source: Moneycontrol.com

Geojit Comtrade`s view on Cardamom, Chilli, Coriander

Geojit Comtrade has come out with its report on Cardamom, Chilli and Coriander

Geojit Comtrade has come out with its report on Cardamom, Chilli and Coriander

Cardamom prices may gain because of strong export demand and also due to probable fall in productivity. Chances of a delayed harvest are also supporting the price uptrend. According to a report from traders, the next crop may be delayed to August, as the dry period before the current spell of summer rains has damaged the crop. The next crop is projected to decline by more or less 35-40 percent. Furthermore, a probable rise in local and export demand amid low stocks in Guatemala is also likely to support the prices. The arrivals and offtake at the auction held on Tuesday were around 50 tonnes and 45 tonnes respectively. The average price was quoted as Rs.833.02 and maximum price was at Rs.1142.50 per kg.

Chilli: Reports of higher stocks in the warehouses and cold storages are weighing on the sentiments. Lack of cues from the spot market also pressurizes the prices. The Guntur market is closed for a month-long summer break, and trade will resume there only from Jun 4. As on 21st May 2012, chilli stocks in NCDEX accredited warehouse stood at 8135 tonnes. In Madhya Pradesh, chilli production is estimated to be around 45 lakh bags this year compared to 40 lakh bags last year. The area under chilli farming has increased by 40 percent in South India. India’s chilli crop this year is expected to be higher in the range of 12-13 lakh tonnes.

Coriander: Increase in demand from stockists is seen supporting coriander price trend. Meanwhile, ample supply in the spot along with higher stocks in the warehouses may limit the sharp price uptrend. As on 21st May 2012, coriander stocks in NCDEX accredited warehouse increased to 16467 tonnes from the 16230 tonnes reported on the previous day. According to sources, the new crop would be 12 million bags, from 8-9 million bags produced in the previous year. On Tuesday, total coriander arrivals in major spot markets in Rajasthan declined to near 17000 bags (1bag=40kg) with the spot price quoted as Rs.3950 per 100kg in Kota mandi.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

READ MORE ON  Geojit Comtrade

ADS BY GOOGLE

video of the day

Modi premium over, market focusing on quality: Ridham Desai

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.