All the spot markets in South India, including Guntur, have been open for a month. There has been a lot of business among the domestic buyers since the holiday in May. As a result, the markets have intensified.
Due to this effect, there has been an increase of $0,19-$0,25 per kg in the spot markets of North India as well.
Generally once a year, there is a month-long holiday in the modes of South India in May. During this, the business gets low. However, this year during the holidays, the activity for red chilies continues. As a result, there was shortness in the commodity stock once the spot markets opened in June.
In the Guntur line itself, red chili stock in cold stores has reduced, and the spice’s arrival has decreased. The shortage has already increased the price of the Teja variety from $2,83/$2,89 to $3,02/$3,14 per kg. According to experts, the goods won’t be sold for less than $2,77.
The stock of red chili is not high in all the spot markets, including Delhi-Jaipur, compared to last year’s period.
There is no material in the Indore line, and the stock in the cold stores of the Guntur line is about 15 million sacks. In Bareilly and Indore, the stock is limited.
The new crop won’t be in the market for a while now. Hence, with the old crop’s limited availability and high demand for the Teja variety in the international market, the price of red chilies will continue to rise.
The Chilli S4 stemless prices were recorded at $2,48 per kg FOB.
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