Copyright © 2021 Mintec Limited Contents
Herbs & Spices
Pepper, Vanilla, Turmeric & Cumin
31
The Vietnamese pepper MBP continued to strengthen in May, up 2% m-o-m at USD 3,712.5/MT and 59% higher
compared to same time last year. The market took additional support from the expected decline in Vietnamese
pepper production, and was further driven by speculative buying. New supplies are soon expected to arrive from
Indonesia, Malaysia, Brazil and China, which could ease the pressure on prices.
The minimum export price of Madagascan vanilla was unchanged m-o-m in May at USD 250/kg, down 29% y-o-y,
as the market continues to be weighed down by ample availability in Madagascar. For the season ahead, earlier
hopes of an exceptional 2021 harvest have been hampered by dry weather conditions since the start of the year,
causing some vines to dry and beans to fall off the vines.
Turmeric futures on the NCDEX India fell marginally by 1% m-o-m in May to USD 111/100kg, weighed down by
pandemic-related demand uncertainty, following the sharp re-escalation of new COVID-19 cases in India. However,
on an annual basis, the benchmark is up by 57%, supported by lower projections for the 2021 Indian harvest,
following a decrease in the planted area and lower yields in some key producing states.
The Indian cumin price has been relatively stable m-o-m (+1%) and y-o-y (-3%), at USD 170.08/100 kg in May.
Similar to other Indian spices, the present market sentiment is largely influenced by the COVID-19-related demand
uncertainty. According to the FISS (Federation of Indian Spice Stakeholders), the 2021 Indian cumin output is
expected to decline by 10.5% y-o-y to 535,000 tonnes, following a reduction in yields and a decrease in the
production area.
Black pepper 550g fob VN (MBP)- USD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
1,400
1,900
2,400
2,900
3,400
3,900
0B07 - Pepper blk 550g fob VN (MBP)
Vanilla fob MG - USD/kg
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
0
100
200
300
400
500
600
SP59 - Vanilla ind grd 1 fob MG (MBP)
Turmeric NCDEX IN - USD/100kg
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
40
50
60
70
80
90
100
110
120
130
TUIN - Turmeric fng NCDEX IN
Cumin IN - USD/100kg
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
100
120
140
160
180
200
220
240
260
280
6T03 - Cumin mp Unjha IN