Indian pepper market in session on 10/10 increased sharply due to strong demand and limited supply. Spot prices of pepper also hit a record price of Rs 33,800 per quintal for unpeeled pepper and Rs 35,300 per quintal for grade 1 pepper.
On October 10, the spot price of pepper increased by Rs 400, to a record high of Rs 33,800 per quintal for unpeeled pepper and Rs 35,300 per quintal for grade 1 pepper.
Equivalent prices of Indian pepper in the world market are currently at 8,100 USD / ton (c & f) in Europe and 8,300 USD / ton (c & f) in the US. Other suppliers also kept their prices unchanged.
The market on October 10 opened slightly up and hit the lowest price in the morning session, then gradually increased and fluctuated at a high price, hitting the highest price of the day. In the closing session, the closing price increased compared to the price in the previous session.
The exporters, who have the ability to receive big orders from the importers in the previous trading day, are eager to buy pepper immediately on the trading floor due to the current supply of pepper in stock at floor. Even some traders cannot compete to buy because of high price volatility in the futures market and limited current supply.
The stockpiles of pepper at the exchange's stockpiles may be depleted before December because of rising domestic demand in India.
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