(September 17) – Pepper imports from Sri Lanka flooded the market, pushing down Indian pepper prices continuously, according to a trade source on Business Line.
In just 1 month, the price of black pepper in the Indian market has decreased by Rs 1,600 / quintal (equivalent to a decrease of USD 250 / ton) and has not seen the possibility of stopping.
Most of the pepper consumption centers across India are flooded with imported pepper from Sri Lanka that is offered for sale at Rs 400-410/kg, but local traders want lower prices, while pepper Kamataka was offered at Rs 450/kg but there were no buyers.
According to trade sources, while many ports are imposing an import duty of 8% on the minimum import price of $6,000/ton for Sri Lankan pepper, some southern Indian ports are still charging on the actual purchase price. . This has helped importers to sell pepper at much lower prices.
However, the market is still not active due to the lack of sellers and buyers
On Friday, September 15, only a few tons of pepper were traded on the futures market at Rs 450/kg.
Spot prices fell further by Rs 100, to close at Rs 44,800/quintal ($6,992/ton) for bucket pepper and Rs 46,800/quintal ($7,304/ton) for pre-processed pepper.
On NCDEX (Kochi), September/17 pepper futures were unchanged at Rs 45,005 per quintal (equivalent to $7,024 per ton), October/17 futures rose by Rs 375 to Rs 44,895 per quintal (equivalent to Rs. $7,006/ton) and November/17 term stood at Rs 44,000/quintal (equivalent to $6,867/ton).
The price of MG1 pepper – India exports at $7,550 tonnes (C&F) for delivery in Europe and $7,800/ton (C&F) for delivery in the US.
* According to the report of the General Department of Vietnam Customs, exports in August 2017 reached 20,215 tons of pepper of all kinds, with a turnover of 92.19 million USD, down 6.1 % in volume and 4.6 % in quantity. value compared to the previous month but increased by 23.9% in volume and decreased by 18.2% in value over the same period last year. The average export price of pepper in the period reached 4,561 USD/ton, an increase of 1.58% compared to the average export price of July 2017. Accumulated in the first 8 months of 2017, Vietnam exported 167,996 tons of pepper of all kinds, with a total export value of 903.36 million USD.
*Exchange rate: 1 USD = 64.0771 Rupees
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