(December 07) – Pepper prices have been on the rise again because buyers bought back their own products and sold them the previous day, according to market sources on the internet. Businees Line.
After the policy of currency exchange to limit the circulation of large denominations, the Indian government allows people to withdraw cash for weekly spending from banks and ATMs on an average of no more than Rs 2,000 per day for the Government. Government to strengthen anti-corruption and tax collection.
Pepper farmers have limited the sale of their products and said they do not want to keep their money in the bank for too long, even up to three years before it can be fully withdrawn. The best way according to them is to keep the product in their warehouse because they don’t need the money yet. While companies are trying to take advantage of favorable weather to increase processing, but cannot buy goods. Karnataka Pepper 500GL is being offered at Rs 700/kg and delivered anywhere in India.
Since November 2016, India has restarted pepper trading on the national commodity exchange NMCE with the trading unit from “1 ton” to “1 quintal” to facilitate small traders. and pepper farmers participate to increase profits.
Yesterday, Tuesday, December 6, there were no transactions recorded on the spot market.
On the IPSTA Spices Association Floor, December, January and February contracts remained stable at Rs 72,000/quintal, Rs 64,000/quintal and Rs 59,000/quintal (equivalent to 10,583 USD/ton, 9,047 USD), respectively. /ton and 8,672 USD/ton).
Spot pepper prices increased by Rs 200 to close at Rs 67,500 per quintal (US$9,922 per tonne) for bucket pepper and Rs 70,500 per quintal (US$10,363 per ton) for pre-processed pepper.
MG1 Indian special pepper exports are priced at 10,950 USD/ton (c&f) for European delivery and 11,200 USD/ton (c&f) for delivery in the US and are still higher than the export prices of other countries.
Vietnam has been reported to have no pepper for sale due to tight supply due to low prices. Indonesia has offered for sale at $7,000/ton while Brazil has offered at $6,800/ton, foreign sources said.
* According to a report of Vietnam’s Agriculture and Rural Development sector, the export volume of pepper in November 2016 is estimated at 10 thousand tons, with a value of 78 million USD, bringing the export volume of pepper in the first 11 months of 2016 to 170 thousand tons and 1 million tons. .37 billion USD, up 36.7% in volume and 15.1% in value over the same period in 2015. The average export price of pepper in the first 10 months of 2016 reached 8,102 USD/ton, down 15% compared to the same period last year. the same period of 2015. The largest pepper export markets of Vietnam in the first 10 months of 2016 are the United States, the United Arab Emirates, India and Germany with 41.8% market share.
* Exchange rate : 1 USD = 68.0322 Rupees
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