In the past few days, Indian pepper prices have dropped due to limited activities, while buyers want to wait for more new crops to arrive, according to market sources. Business Line.
Yesterday, Monday, December 8, reports said pepper prices continued their downward trend under selling pressure, although there were no deliveries in the spot market and supply lines level is also no stock.
On the weekend, about 10 tons of pepper from Wayanad district of Kerala state arrived and traded at Rs 685/kg. At the same time, local traders based in Coorg (another name for Kodagu district, Karnataka state) offered to sell new-season pepper for March delivery at Rs 535-550/kg.
Market sources said that consumer market buyers have been slow to buy back due to anticipation of a significant amount of pepper held in storage since last year to be released. This news, together with the report that Kodagu production will double this year and the sale of futures at Rs 525/kg have dragged the market down.
However, on the IPSTA Spices Association Floor all three active contracts remain unchanged. Specifically, the January, February and March contracts were at Rs 65,964 per quintal, Rs 62,337 per quintal, and Rs 62,237 per quintal (equivalent to 10,644 USD/ton, 10,058 USD/ton and 10,042 USD/ton).
While the spot price of pepper fell by Rs 300, at Rs 67,700/quintal (equivalent to USD 10,924/ton) for bucket pepper and Rs 70,700/quintal (equivalent to USD 11,408/ton) for pre-processed pepper.
The export price of Indian pepper was at $11,825/ton (c&f) for European delivery and $12,125/ton (c&f) for delivery in the US.
* According to the report of Vietnam’s Agriculture and Rural Development sector, the export volume of pepper in November 2014 is estimated at 6 thousand tons, with a value of 54 million USD, bringing the export volume of pepper in the first 11 months of the year to 151 thousand tons with the price value of 1.162 billion USD, up 18.1% in volume and 35.7% in value over the same period in 2013. The average export price of pepper in the first 10 months of 2014 reached 7,625 USD/ton, up 14.26 % over the same period in 2013. The United States, Singapore, the United Arab Emirates, India and the Netherlands were the five largest markets of Vietnam in the first 10 months of 2014, accounting for 50% of total pepper exports. .
*(Exchange rate 1 USD = 61,9750 Rupees)
Follow Anh Van (Giacaphe.vn)
Source link
