A Bearish Trend in Nutmeg Is Possible in the Upcoming Days
The nutmeg crop of the current season is coming, and due to a 32% increase in production in South India, the markets have started breaking continuously. There is a possibility of a fall of nutmeg in the coming days.
Favourable weather-Bumper nutmeg crop
According to the latest survey report, the farmers had insisted on nutmeg due to the high price. Apart from this, the weather was favourable; thus, there has been a bumper crop in the Ernakulam line. Due to this, the market has started decreasing continuously.
Experts say that the production of mace and nutmeg has increased, and the quality is the best. This time the production of nutmeg has risen by 32 to 33% due to the favourable climate. On the other hand, low prices in the international markets have calmed the export demand completely.
Future Scenario of Nutmeg
There is a possibility of further reduction in nutmeg price in future due to the release of stock in domestic shops. In all countries like China, Vietnam, Turkey, Jordan, and Singapore, the prices of nutmeg have slipped significantly, due to which there has been a considerable decline in exports.
The fast recession in nutmeg depends on the international price, whether it runs at $ 6400-6500 per tonne, due to which the manufacturer is weak. On the other hand, the pressure of goods from the producer markets is continuously increasing because of the new crop arrival. Given this, it is expected to experience a bearish trend in the upcoming days.
The Nutmeg whole with shell prices were recorded at $5,79 per kg FOB.