Black pepper markets at Kochi were closed on “Janmashtami”. Weak domestic and overseas demand has resulted in declining pepper prices. Moreover, the recent down trend in the pepper futures are also seen weighing down on the spot markets. Despite a global supply shortage, global pepper prices have declined considerably eyeing the new harvest in Indonesia and Brazil. However, some reports suggest that almost half of the Indonesian crop has already been harvested and sold to local stockists and exporters. This may in turn result in completing the harvest ahead of schedule, thus capping the recent downtrend in global prices.

Jeera benchmark market at Unjha remained closed due to Janmaashtami celebrations all India. According to trade sources export orders from European countries, Singapore and Bangladesh are flowing in and it is reported that presence of some demand at lower price levels is also a major supportive feature for the market. Though the long-term fundamentals for jeera remain firm with the supply shortage, both domestically as well as globally, the near-term outlook seems gloomy until demand improves considerably. Traders are now eyeing the coming festival season for any improvement in demand.

Chilli market at Guntur remained closed due to celebrations of Janmaashtami festival over India. Local demand is steady and is likely to remain same in the days ahead. Regular demand from Bangladesh, Malaysia and Singapore is active. Out of the total arrivals around 4000-6000 bags went towards meeting export demand. Crop from Madhya Pradesh is likely to hit the market form mid October. Prices are likely to trade rangebound to slightly firm in anticipation of good export demand. However the long term fundamental of the commodity is likely to remain bearish due to rise in acreage as well as ample stock in the market.

All the domestic Turmeric spot markets remained closed due to Janmaashtami celebrations. Domestic demand is likely gain momentum from next week onwards. Stockists are likely to buy the commodity in anticipation of fall in acreage. Export demand is steady for Desi Cudappa variety from Japan as well Gulf demand is brisk for Nizamabad variety. Falling prices at the futures counter is also influencing the physical markets. Prices for the commodity are likely to gain marginally and trade range bound to slightly weak during the week.