The pepper market last week witnessed A bleak outlook on the National Exchange (NSEL) financial affairs report led to market panic. Many people who choose to trade on NSEL with very high profits have now announced their withdrawal from the market after being accused of engaging in bribery.
Besides, the quantity at NSEL, as reported, on July 26 was forecast at 820.50 tons in Saharanpur district (Uttar Pradesh state). Along with good sources of goods from Sri Lanka with competitive prices, the market dropped last week. A fairly large number of goods are reported to have been exported to a number of Southeast Asian countries.
Pepper prices in India are showing signs of decline despite reports that Vietnam, the world’s leading producer, buys a huge amount of goods from Sri Lanka. Multinational companies claim to have purchased pepper from Sri Lanka for processing and re-export from their processing plant in Vietnam, showing that the source of Vietnamese goods shows signs of decline. Large number of types pepper 500 Gr/l is said to have been exported to India at $5,800/ton (CIF Kochi). The final cost is Rs 358/kg and is said to be still cheaper.
New goods are very few so at the end of the week only 1 ton was traded because there is no interest rate based on the price of pepper determined by region.
Roads are very bad after the start of southwest monsoon rains, truck freight rates have doubled and that is one of the reasons for the disruption of goods. Therefore, there were no goods coming from Idukki and Wayanad, while many goods had high humidity and were infected by fungi. Although IPSTA has been allowed to raise the daily trading volatility limit from Rs 500 to Rs 1,000, there seems to be a lack of interest in the implementation.
For the week, all active contracts on the national exchange were down from the previous week. August, September and October contracts decreased by Rs 330, Rs 644 and Rs 435, respectively, equivalent to Rs 41,180 / quintal, Rs 41,400 / quintal and Rs 41,390 / quintal (equivalent to Rs 6,802 / ton, USD 6,838 / quintal). tons and 6,836 USD/ton). (1 USD = 60,5453 Rupees)
Total sales increased 64 tons to 264 tons. Total open interest increased by 4 tons to 87 tons.
However, spot prices were unchanged from last week’s end due to limited trading, remaining at Rs 39,000/quintal ($6.441/ton) for bucket pepper and Rs 41,000/quintal ($6,772). /ton) for selected pepper because demand matches supply.
Pepper Indian specialty on the international market is located at 6,925 USD/ton (c&f) to Europe and 7,175 USD/ton (c&f) to the US. The report said that Europe is on the summer holidays so no transactions are seen. Meanwhile, in Indonesia, there are no workers to harvest because the holy month of Ramadan and heavy rains have hampered the harvest.
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