Pepper prices in the futures and spot markets continued to increase due to increased demand amid tight supply, and all contracts operating on the IPSTA platform closed above the session’s closing price. previous transaction.
Farmers are said to be keeping their produce, so there is very little supply left in the market. The market now has more buyers than sellers.
In the state of Kerala, the main dealers in the market do not receive a constant supply guarantee from the farmers, so they do not sell either. There are still many agents buying pepper from Rajkumari (Idukki district) at Rs 355/kg, but even with that price, there will be no sellers in the near future. Currently, some highland pepper is being traded at Rs 353/kg. The spot market had 17 tons of new pepper delivered and 15 tons already traded.
Increased rainfall in rural areas of Kerala sharply reduces yields at the end of the crop year.
On IPSTA, the contract for July delivery increased Rs 201 to close at Rs 36,201 per quintal (equivalent to $6,246 per ton). Contracts for delivery in August and September both increased by Rs 29, respectively, to close at Rs 36,139 per quintal and Rs 36,140 per quintal (equivalent to $6,235 per ton). ( 1 USD = 57,963 Rupees )
Spot prices rose by Rs 100 per quintal to Rs 34,300 per quintal ($5,918 per ton) for bucket pepper and Rs 35,800 per quintal ($6,176 per ton) for selected MG1 pepper, due to increased demand amid rising demand. limited supply situation.
Indian specialty pepper on the international market is trading at $6,425/ton (c&f) and remains in line with prices of other origins.
There are reports that pepper farmers in Vietnam have decided to hoard their goods to wait for prices to rise again. Accordingly, the market is forecasted to increase by about 50-75 USD/ton.
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