The Korean Tender announced earlier this month for 4000 Mt was declared today and India was awared all 4000 Mt . We did mention this in our
last Market Report dated June 4th.
QUOTE"If we go by previous trends and current price situation in Africa , India should once again be optimistic in getting a substantial quantity."
1000 Mt @ $1019 ( India)
500 Mt @ $1005 "
500 Mt @ $ 998 "
1000 Mt @ $ 996 "
1000 Mt @ $ 993 "
4000 Mt Total
Prices have been understandably lower compared to the last Tender of April due to slow demand but still in the same vicinity of March Tender levels , taking into account the rising Rupee. The levels of $ 1000 is still maintained and African and Pakistan prices are still hovering around $50-$60 above Indian prices so at root levels
prices are still holding a resistance mostly due to very limited stocks.
The USD continues to be weak globally and if experts are to be believed the Rupee is likely to strengthen further in the coming months.
Just a breif on the Indian Monsoon situation , the Rains have been confirmed delayed by atleast 1 week in main Sesame cultivation regions of Gujrat, MP , U.P
and Rajasthan. However a further delay of 10-12 days is likely if the rains do not reach Gujarat by end of this week. India for the first time in last 20 yrs is experiencing
very very hot summers with temp rising upto 46 Degree Centigrades in North and Central India.
News from China is that there are heavy rains in certain regions and no rains in some so their sowing has not commenced as well and the crop there as well may be
delayed by a few weeks. It is yet too early to comment weather there is any crop damage or not.