The price of pepper at the beginning of the crop has increased, making gardeners optimistic but no one has sold it because they are busy harvesting.
In just the past 7 days, by the end of the first Monday of the week, world pepper futures prices continued to increase rapidly in the fear of a serious shortage of supply this year. India, a major pepper producer, is harvesting the crop and is forecasting a possible drop of up to 40% in yield.
The world price of pepper futures on the Indian floor (NCDEX) continued to increase hotly. Futures for March delivery increased by Rs 4,765 to Rs 36,855 per quintal, or 14.85%, or up by $967 to $7,478 per tonne and April futures also increased by Rs 4,665 to Rs 37,130 per quintal. .37 %, ie an increase of 947 USD to 7,534 USD/ton (1 USD = 49,2852). An increase that neither observers nor traders in the pepper futures market could predict.
Spot pepper prices also increased by Rs 4,048 to Rs 36,343 per quintal, equivalent to 12.53%, or an increase of $821 to $7,374 per ton. The higher the spot price of pepper, the more stressed the Indian pepper market is.
On the contrary, on the Sing Exchange (SMX-Singapore), the price of pepper for March futures increased by 93 USD, or 1.44%, to 6,531 USD/ton and for April term also increased by 94 USD, equivalent to 1.45 USD. %, to $6,592/ton, a very slight increase compared to Indian futures during the same period.
Due to time characteristics, the closing price of the Sing exchange is used for reference by the Indian exchange. But the price increased by 10 times of the Indian floor made the Sing floor very surprised.
Pepper price traded on SMX-USD/ton (source: CafeF)
According to the report of the Agriculture industry, February export is estimated at 6 thousand tons with a turnover of 42 million USD. Exports in the first two months of the year were estimated at 9,000 tons and earned $66 million, down 4.5% in volume but up 39.1% in value over the same period last year. Pepper prices increased sharply, the average export price in January reached 6,971 USD/T, up 42.4% (equivalent to 2,074 USD/T) over the same period in 2011.
This morning, February 29, the price of black pepper in domestic markets continued to increase slightly. In Ba Ria – Vung Tau it is 131,000-132,000 VND/kg, Binh Phuoc 129,000 VND/kg, Dak Lak-Dak Nong 127,000 VND/kg, Gia Lai 126,000 VND/kg, an average increase of 5,000 VND/kg in the past 1 week .
Ms. Thanh Tam, a pepper farmer in Cu Kuin, Dak Lak, said that the price of pepper at the beginning of the season has increased, making gardeners optimistic, but no one has sold it because they are busy harvesting. Up to this point, her family has harvested only one third of the area, because this year the temperature is still not high, so it ripens slowly compared to previous years.
In general, the domestic pepper market, although the price is high at the beginning of the season, is still not active. The average purchasing demand of export companies is only half of the previous years.
The world pepper futures market continuously pushed up prices also contributed to preventing the flow of goods to the market. Invisible, now pepper growers fall into the situation of “hugging the price queue”.
English
Follow TTVN/CafeF
Source link
