Demand for spot pepper is still growing amid tight supply, which has pushed up Indian export prices, market sources said. Business Line.
Pepper prices increased hotly due to an increase in exporters’ purchases. But the supply of high-capacity pepper is tight and that has pushed the price of pepper in the past few days to increase continuously.
Exporting companies have asked their suppliers to increase their sourcing while activities are mostly limited. Primary market agents of all pepper growing districts in Kerala state provided exporters with 550 Gr/l pepper weight at Rs 650/kg, while pepper in the High Mountains was traded by traders. offered at Rs 655/kg.
Yesterday, Thursday, July 2, only 9 tons of pepper were traded. Although the spot price of pepper remained stable at Rs 63,500/quintal (equivalent to USD 10,008/ton) for bucket pepper and Rs 66,500/quintal (equivalent to USD 10,481/ton) for pre-processed pepper.
Active Futures Contracts on the IPSTA Spices Association Exchange had previously increased Rs 500. The July contract rose to Rs 67,505 per quintal (equivalent to 10,639 USD/ton), the August contract to Rs 68,006 per quintal (equivalent to 10,718 USD/ton) and the September contract to Rs 68,505 per quintal (equivalent to Rs 68,505 per quintal). equivalent to 10,797 USD/ton).
The export price of special pepper from India is at 10,950 USD/ton (c&f) for European delivery and 11,200 USD/ton for US delivery, an increase of 250 USD/ton compared to the previous week.
In the international market, Vietnam is reported to be slowing down sales. While US buyers are on standby and watching in anticipation of new crop sales from Indonesia after the upcoming Ramadan holidays.
* According to a report of Vietnam’s Agriculture and Rural Development sector, the export volume of pepper in June 2015 is estimated at 16 thousand tons, with a value of 157 million USD, bringing the export volume of pepper in the first 6 months of 2015 to 90 thousand tons with a value of USD 838 million, down 18.2% in volume but up 6.1% in value. The average export price of pepper in the first 5 months of 2015 reached 9,223 USD/ton, up 31.87% over the same period in 2014. Pepper exports to the US, Singapore and the United Arab Emirates – 3 markets Vietnam’s largest market in the first 5 months of 2015 accounted for 40.41% market share.
*Exchange rate : 1 USD = 63.4506 Rupees
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