Holi, the
festival of colours is the spring festival of India has just been celebrated at
the time of spring equinox, while the mercury gradually soars up in the south
India. Holi is a festival to mark the victory of good over evil, and to forgive
and reunite with brethren.
India is heading
to elect its new government in the coming months. Being the largest democracy
in the world, the general elections is a big ticket event, politically as well
as economically. Volatile markets, surging domestic demand and the Indian rupee has started to strengthen against the US dollar.
Mango season ,
2018 was an unprecedented crop when abundant mango harvest started pouring in
when half of the season was over, i.e. , in July first week the mango fruit market
crashed with high supply and low demand. (Mango season begins in late May and
lasts till the 3rd /last week of July) .
Prices dropped
to unimaginable levels. But the average cost price of the crop season dropped marginally
as the fruit harvest actually started coming in towards the last leg of the
season.
Importers have
been wary of the market movements, and started to wait for the prices to drop further.
Also, noteworthy is that the Totapuri prices dropped along side the Neelam
mango prices totally crashed and was available almost for free!
Across the
markets, all over the world there are all types of elements existing. A few
mango processors wanted to take advantage and mixed Neelam with Totapuri to add
complexity in the prices!
This becomes a
confusing situation for the importer when the prices range wide up to 25-40%
difference in offers from different suppliers!
New crop 2019
Till the 2nd
week of March hopes of good normal harvest cheered up the mango pulp industry,
while awaiting rains. But soaring temperatures and scarcity of water is
gradually drying out the good hopes. It will depend on the weather and if, in a week’s time rains
received the mango belt, there is no reason to worry.
Stocks are moving
out yet some trying to hold in the hope of getting good prices if the new crop
season 2019 is below normal.
The current
situation is to wait and watch.
Fruity cheers!
