Mangal Keshav`s view on Chilli, Jeera, Pepper, Turmeric

Mangal Keshav has come out with its report on chilli, jeera, pepper, Turmeric, cardamom, soya bean, Guar seed, mustard seed, Mentha oil

Arrivals of chilli crop stood around 40,000 bags while spot rates declined to Rs 7,600-Rs 7,900 per quintal, based on crop quality. Futures recovered from early losses on short-covering/ buying support around 1-year lows. NAFED is holding around 40 tons (833 bags) of LCA 334 red chilli variety in its cold storage at Guntur, AP. It was purchased in the month of March-April 2011 and now will be selling it on tender basis, as per market reports.

Arrivals of jeera crop were marginally up at 3,500 bags while trades were down ~7,000-7,500 bags at auctions Unjha market. Spot rates closed marginally down by Rs 40-Rs 50 per quintal.

Spot rates of pepper garbled were unchanged at Rs 343 per kg and that of un-garbled was steady at Rs 328 per kg. Arrivals & trades were nil at Kochi market, as per IPSTA.

Turmeric arrivals were unchanged at 1,000 bags at Nizamabad and about 7,500-8,000 bags at mandis of Erode, as per market reports. Spot quote were steady in the range of Rs 51-Rs 55 per kg, based on crop quality & location.

Average price of small cardamom declined to Rs 497.8 per kg, while the maximum price offered was down at Rs 720.5 per kg. Total inflow of small cardamom crop declined to 84.7 tons from which about 84 tons were sold at auction held at Nedumkandam.

Total arrivals of soya bean crop increased to about 9-9.2lakh bags across major trading centers (of the total 4.5-5lakh bags arrived at MP market, 2-2.2lakh bags at mandis of Maharashtra and Rajasthan). Spot rates offered by planters stood were up at Rs 22.1-Rs 22.4 per kg, while rates offered by farmers at mandis of Indore were steady around Rs 21.5 per kg, as per trade reports.

Guar seed crop arrivals increased to 34,092 quintals, while the average of the closing spot rates was up at Rs 4,075 per quintal, as per agriculture marketing board of Rajasthan.

Inflow of mustard seed crop declined to 11,708 quintals, while average of closing spot rates were up at Rs 2,731.7 per quintal, as per agriculture marketing board of Rajasthan.

Mentha oil futures rallied more than 2%, supported by a surge in spot rates by Rs 8-Rs 10 per kg, across major trading center. Arrivals  declined to about 160-170 oil drums, with steady buying at local mandis.

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