After the decision to end social distancing on June 8 of some main markets in the North, pepper demand in the Indian domestic market increased strongly again, recording an increase of up to Rs 10 / kg .
The market raised the price of pepper bucket by Rs 10/kg just before opening. Kishore Shamji of Kishor Spices said.
The market is showing interest when there is a shortage of inventory during the quarantine period. This trend will keep pepper prices firmly in the raw material area.
Due to the strong increase in profits, large dealers and long-distance traders see the possibility that prices will increase further.
However, local traders said that it cannot be ruled out that large dealers in Kerala and Tamil Nadu state recently signed a contract to import pepper from Sri Lanka under SAFTA, which together pushed up pepper prices, he said. Shamji added.
It is known that the Government has imported 500 tons of pepper bucket from Sri Lanka under the preferential tax rate of 8%, so they have tried to keep the pepper price high to easily release the import volume when it arrives.
In contrast, pepper farmers in the southern states continued to ask the Spices Board of India to find measures to limit illegal pepper imports from Sri Lanka. They believe that the importers have falsely declared the quantity with different sets of documents to gain illicit profits.
At the end of the week, the volume of pre-processed black pepper delivered to the Kochi futures market increased by 33 tons, with the price stable at Rs 315/kg (equivalent to USD 4,1725/kg).
The export price of MG1 Indian black pepper is currently at $4,408/ton, down 1.03%, while Vietnamese black pepper 500 Gr/l-Asta is at $2,530/ton, up 27.78% and black pepper. grade 550 Gr/l-Asta at $2,600/ton, up 29.55%. The highest increase was Indonesian black pepper grade 570 Gr/l-Asta at $2,620/ton, an increase of approximately 44%, compared to the early days of April when social measures were introduced to enhance capacity. ability to prevent the spread of the Covid-19 pandemic.
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