Spot pepper price continues to be stable despite having purchasing power from all over the country, according to news from Business Line.
Supply continues to increase from Karnataka, but at a slightly higher price in line with strong demand across the country. Besides, industrial buyers and exporters are also promoting the consolidation of goods.
Traders looking for supplies in the High Mountains of Kerala state say farmers are expecting prices to rise above Rs 700 per kg as they sold at the end of last year. While traders from Tamil Nadu district pay high weight pepper at Rs 585-590/kg at the doorstep in cash and deliver it themselves, but they are not yet ready to sell.
The arrival of pepper from the High Mountains continued, but very little remained.
Pre-processed pepper with a weight of 500 Gr is traded at Rs 565/kg.
In the futures market, 62 tons of pepper were shipped, of which 48 tons were from Karnataka state and the rest was processed pepper.
Spot prices remained unchanged at Rs 55,500/quintal ($8,898/ton) for bucket pepper and Rs 58,500/quintal ($9,379/ton) for pre-processed pepper.
Meanwhile, active contracts on the IPSTA Spices Association Exchange rose slightly. Specifically, the May and June contracts increased by Rs 493 per quintal to Rs 59,500 per quintal and Rs 59,497 per quintal (equivalent to $9,539 per tonne and $9,538 per ton).
The export price of Indian pepper is at $9,800/ton (c&f) for Europe and $10,100/ton (c&f) for the US, up $150/ton from last week.
Indian pepper prices have returned to being competitive in the international market compared to prices originating from Vietnam.
* According to the report of the General Department of Customs, exports in March 2015 reached 17,123 tons of pepper of all kinds, with a turnover of 154.57 million USD, up 42.0% in volume and 42.4% in price. value compared to the previous month and decreased by 19.0% in volume but increased by 9.0% in value over the same period last year. The average export price of pepper in the period reached 9,027 USD/ton, up 0.31% compared to the average export price of February 2015.
*Exchange rate of 1 USD = 62.3751 Rupees
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