After declining in recent days, the price of pepper on the Indian pepper market has rebounded sharply during the trading session on 11/11 thanks to strong buying support and limited supply.
Pepper prices in all types of futures increased sharply with prices for pepper delivered in November surpassing the first resistance level, while prices of decent pepper contracts increased sharply. However, the depreciation of the Rupee against the USD has kept the Indian pepper parity in the international market competitive.
The market has no selling pressure. Even investors who are holding pepper on the trading floor do not place sell orders, instead switch to buy pepper delivered at the near term.
Pepper prices In Karnataka, the price increased to Rs 325-330 a kg, indicating that pepper stocks here are starting to run out. However, pepper source holders in central north of India are selling below the asking price in major pepper growing areas. Therefore, this also signals that domestic demand in the Indian market is weakening.
However, traders also said that the scarce available spot source of pepper in the market did not seem to affect exporters as their orders could be met by the source of pepper supplied by traders. investment on the holding exchange. At the same time, traders also said foreign buyers were looking for a source of high-quality pepper 1. Besides, pepper is an essential spice in Europe and the US, especially on occasions. Christmas and New Year.
Some buyers are also looking for a lower source of pepper. Vietnam is currently only offering lower quality pepper and therefore receives a lot of orders from foreign buyers. These factors will help boost the price of pepper.
In India, pepper prices for November delivery increased by Rs 1,015, to Rs 34,080 / quintal. Prices for pepper delivered in December and January increased by Rs 880 and Rs 875 respectively. Up to Rs 34,700 / quintal and Rs 35,050 / quintal.
Spot pepper prices, which were affected by future market prices and strong demand, limited supply, also jumped by Rs 500 per quintal to Rs 32,700 per quintal for un-culled pepper and Rs 34,200 per pepper. quintal for pepper type 1.
Equivalent to the price of Indian pepper in the world market at 7,350 – 7,400 USD / ton (c & f). The weak rupee helped keep Indian pepper prices competitive in the world market.
Trends in world pepper prices
According to a report from Vietnam, pepper prices were stable due to limited supply. Prices of 500 GL and 550 GL pepper were offered at US $ 6,750 / ton and US $ 7,100 / ton respectively. White pepper price was at 9,000 USD / ton.
Meanwhile, buyers in the New York market announced prices from several suppliers: Lampong Asta MG 1 (aof) $ 7,525- $ 7,625; Vietnam Asta $ 7,700 – $ 7,800; Vietnam Asta new crop (afo), Brazil Asta – $ 7,050- $ 7,100 (fob); Brazil B2 – $ 6,950- $ 7,000 (fob).
The price of white pepper offered at: Vietnam $ 10,000; Muntok $ 10,400 and Ecuador $ 10,200.
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