Herbs & Spices
Pepper, Vanilla, Turmeric & Cumin
Pepper prices eased slightly in December, with the MBP for Vietnamese pepper down 1% m-o-m but
up 49% y-o-y at USD 4,342/MT. The decline followed a drop in demand ahead of the festive season
and buyers holding back from purchases, anticipating the freight rates to ease in H1 2022. Vietnam
exported 184,000 tonnes of black pepper in the eleven months through to November 2021, a
decrease of 16% y-o-y according to the Vietnamese Ministry of Industry and Trade.
Vanilla prices were steady m-o-m and y-o-y in December, at USD 250/kg (MBP for industrial grade
1, FOB MG). The Malagasy authorities have verbally confirmed that they will maintain the export price
at this level during the 2021/22 export season. There are some concerns over the flowering in
Madagascar for the season ahead, following erratic weather conditions.
Turmeric futures on the National Commodity and Derivatives Exchange (NCDEX) rose on average by
10% m-o-m in December, to USD 118/100kg, and were up 47% y-o-y. Prices of many spices and
other crops were supported by adverse weather during the Northeast monsoon. Between 1st
October and 9th December, India had, on average, 51% more rain than in a normal year, with some
places receiving almost 400% of normal precipitation. This has led to expectations of a lower-thanexpected
turmeric harvest.
Indian cumin prices gained another 7% m-o-m in December and were up 14% y-o-y, at USD
197/100kg. Similar to turmeric, the support came from adverse weather during the Northeast
monsoon. Between 1st October and 9th December, India had, on average, 51% more rain than in a
normal year, with some places receiving almost 400% of normal precipitation. The expected drop in
cumin production area has further stimulated prices.
1,400
1,900
2,400
2,900
3,400
3,900
4,400
4,900
Dec 19 Mar 20 Jun 20 Sep 21 Dec 21
Black pepper 550g fob VN (MBP) - USD/MT
Sep 20 Dec 20 Mar 21 Jun 21
0B07 - Pepper blk 550g fob VN (MBP)
0
100
200
300
400
500
600
Dec 19 Mar 20 Jun 20 Sep 21 Dec 21
Vanilla fob MG - USD/kg
Sep 20 Dec 20 Mar 21 Jun 21
SP59 - Vanilla ind grd 1 fob MG (MBP)
130
120
110
100
90
80
70
60
50
40
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Turmeric NCDEX IN - USD/100kg
Sep 20 Dec 20 Mar 21
TUIN - Turmeric fng NCDEX IN
100
120
140
160
180
200
220
240
Dec 19 Mar 20 Jun 20 Sep 20 Jun 21 Sep 21 Dec 21
Cumin IN - USD/100kg
Dec 20 Mar 21
6T03 - Cumin mp Unjha IN
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