At the end of last week, Indian term pepper market price dropped sharply due to reports of increased production in 2012, which made available supplies for the rest of the year.
Also according to the report, based on the predictions of the International Pepper Community (IPC) at the 40th annual meeting held in the capital of Colombo, Sri Lanka, Indian term pepper prices have plummeted. As a result, domestic buyers and sellers have been leaving the market in decline.
The gap between the November contract and December contract has narrowed, so there is a transition from the November contract.
As the wet weather conditions began in the middle of last week, there was a tightening of delivery. Dealers in the main markets and farmers said they sold a lot when prices were high, according to market sources.
As prices rose, earlier this week a lot of old sellers appeared in the main markets. But by the end of the week, the situation had changed. All active contracts last week dropped sharply when there were reports of prices in foreign markets tending to fall.
Closing weekend prices for November, December, and February contracts stood at Rs 42,650, 42,450 rupees, and 37,600 rupees, down by 1,370 rupees a quintal, 935 rupees a quintal, and 260 rupees a quintal. Total turnover increased by 6,341 tons and closed at the end of the week at 12,479 tons. Total open interest increased by 171 tonnes to 8,938 tonnes. Spot prices in tandem with the trend in the futures market dropped by Rs 700 to Rs 40,000 for the standard and Rs 41,500 for selected options.
India's pepper imports in the first 9 months of this year have increased from 9,651 tons to 11,732 tons, an increase of 21.56% over the same period last year, a very significant increase. While exports increased from 13,291 tons to 13,992 tons, an increase of 5.27% over the same period, according to export sources. The majority of imports are added value and re-exported.
Predict output of IPC
As predicted by the International Pepper Community (IPC) at a meeting in Colombo, total global pepper production in 2012 will reach 336,780 tons and the number for export is 327,090 tons. The production is expected to be 319,098 tons in 2013 and the exportable amount is forecast at 316,832 tons.
Total production of India in 2012 was 43,000 tons. Pre-ordered goods were 15,816 tons and actual imported goods were 16,250 tons. Estimated domestic consumption is 42,500 tons while exports are 17,500 tons. Forecasted production in 2013 is 55,000 tons and pre-ordered goods is 15,000 tons. Estimated domestic consumption is 43,000 tons while exports are 25,000 tons.
In the world market, multinational companies with processing facilities in Vietnam are said to have imported pepper from Indonesia to meet commitments to export Lampung pepper to consumers and importers, Market sources said.
Traders in India find it very difficult to accept Indonesia's 2012 pepper output of 63,000 tons with an exportable balance of 62,614 tons. In 2011, Indonesia produced 45,000 tons of pepper and exported 36,487 tons. Meanwhile, estimated production in 2013 reached 47,000 tons with a exportable balance of 43,614 tons.
Source Business Line / Giacaphe.vn
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