Following the introduction of pepper futures trading on the IPSTA platform, pepper prices rose and all active contracts closed higher than last week.
Pepper Karnataka was offered at Rs 331 – 333/kg and 48 tons of pepper arrived per day. Pepper from Pulpally and Battery in Wayanad district of Kerala also arrived and sold for Rs 336-337/kg.
Starting to harvest pepper for domestic demand, after the end of a strike by traders in the state of Maharashtra, pepper trading there ceased for about a month.
There are conflicting reports on production in Karnataka. Some have predicted it will be around 35,000 tons while others insist it will be only 25,000 – 30,000 tons. Likewise, the production pepper in Kerala will reach 20,000 – 25,000 tons while in Tamil Nadu about 6,000 tons.
In Pattiveeranpatti of Tamil Nadu, most of the harvest will be used for processing into white pepper because of its heavy and fine grain.
In Week, pepper Indian speciality in the international market fell to 6,500 USD/ton (c & f) due to the depreciation of the rupee despite the increase in pepper futures prices. But, foreign buyers have been watching and waiting in the hope that prices will continue to fall.
Vietnam is said to have exported about 55,000 tons pepper. They may export more in the next few weeks on the fear that Indonesian pepper will start appearing on the market in July. Last week, pepper prices rose on IPSTA transactions.
Contracts for June, July and August rose by Rs 557, Rs 512 and Rs 453, respectively, to close on Saturday at Rs 35,225 per quintal, Rs 35,275 per quintal and Rs 35,325 per quintal (equivalent to $6,313 per quintal). tons, $6,322/ton and $6,331/ton). (1 USD = 55.7971 Rupees)
Total turnover increased by about 408 tons to 522 tons. Total open interest was unchanged at 23 tons. Spot pepper price remained unchanged at Rs 33,600/quintal (equivalent to $6,022/ton) for bucket pepper and Rs 35,100/quintal (equivalent to $6,291/ton) for the MG 1 pick, based on matching demand and supply last week.
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