Pepper futures and spot pepper prices rose last week on the back of good demand amid tight commodity prices. All active contracts on the national exchange edged higher.
Similarly, the spot price has increased to Rs 400/kg of bucket pepper and Rs 420/kg of selected pepper in the futures market. Small companies bought small quantities of high-volume consumer goods from the plains.
Agents in Tamil Nadu bought from Idukki farm grade pepper for Rs 400-405/kg depending on the quality of the product.
Exporters who imported 500 Gr/l grade pepper at Rs 355/kg are now looking for high density pepper to blend with imports for re-export.
In the district of Tamil Nadu, the regions of Erode, Cumbum, Theni and Gudalur became major centers of pepper trading because of the low tax rates. Many domestic traders have moved their operations to the state of Karnataka due to the abundant pepper there.
Last week, all active contracts on the NMCE exchange rose. September and October contracts rose Rs 1,021 and Rs 1,459 to Rs 42,970 per quintal and Rs 43,110 per quintal (equivalent to $6,963 per tonne and $6,986 per tonne). ( 1 USD = 61,7104 Rupees )
Total trading volume decreased by 2 tons to 152 tons. Total open interest fell 49 tons to 26 tons.
At the end of the week, spot prices rose Rs 900 per metric ton on strong demand amid tightening reals to close at Rs 40,000 per quintal ($6,482 per metric ton) for bucket pepper and Rs 42,100 per quintal equivalent. 6,822 USD/ton) for MG1 selected pepper.
In the international market, most customers buy pepper from Sri Lanka. Predicting the new Brazilian crop will be available in September, Indonesia is now starting to offer it, according to an overseas report.
Spot Indian pepper prices at the end of last week were at $7,025 per tonne (c&f) for Europe and $7,275 per tonne (c&f) for the US and were still higher than prices of other origins.
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