(December 7) – Hot pepper prices rebounded sharply as buyers bought their own items to sell the day before, according to market sources. Businees Line.
After the currency exchange policy to restrict the circulation of large denominations, the Indian government allows residents to withdraw weekly spending cash from banks and ATMs on average not exceeding Rs 2,000 per day to Government. Government to strengthen anti-corruption and tax collection.
Pepper farmers have restricted selling their products and said they do not want to leave money in the bank for too long, maybe even three years to withdraw all. The best way for them to follow is to keep the product in their warehouse because they don't need the money. While companies are looking to take advantage of favorable weather to increase processing, they cannot buy goods. Karnataka 500GL pepper is being offered at Rs 700 a kg and delivered anywhere in India.
Since November 2016, India has restarted trading of pepper on NMCE national commodity trading floor with the trading unit from “1 ton” reduced to “1 ta” to facilitate small traders. and pepper farmers participated to increase profits.
Yesterday Tuesday, 12/12, on the spot market there were no transactions recorded.
On the IPSTA Spices Association Floor, the contracts for December, January and February remained stable at Rs 72,000 / quintal, Rs 64,000 / quintal and Rs 59,000 / quintal (equivalent to US $ 10,583 / ton, US $ 9,047). / ton and 8,662 USD / ton).
Spot pepper prices increased by Rs 200 to close at Rs 67,500 a quintal (US $ 9,922 a tonne) for buckwheat pepper and Rs 70,500 a quintal (US $ 10,363) a preliminarily processed grade.
Export MG1 special pepper from India was priced at USD 10,950 / ton (c & f) for delivery to Europe and USD 11,200 / ton (c & f) for delivery in the US and still higher than the export price of other countries.
Vietnam has been reported to have no selling pepper due to tight supply because of low prices. Indonesia offered $ 7,000 / tonne while Brazil offered $ 6,800 / tonne, foreign sources said.
* According to the report of Vietnam's Agriculture and Rural Development sector, the export volume of pepper in November 2016 was estimated at 10 thousand tons, with a value of US $ 78 million, bringing the export volume of pepper in the first 11 months of 2016 to 170 thousand tons and 1 , 37 billion USD, up 36.7% in volume and 15.1% in value over the same period in 2015. Average export price of the first 10 months of 2016 reached 8,102 USD / ton, down 15% compared to with the same period of 2015. The largest pepper export markets of Vietnam in the first 10 months of 2016 were the United States, United Arab Emirates, India and Germany with a 41.8% market share.
* Exchange rate: 1 USD = 68,0322 Rupees
Source English (giacaphe.vn)
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