(11/14) – India's pepper production next year is estimated to be lower than 45,000 tons. The forecast was announced at the 41st Annual Meeting of the International Pepper Association (IPC) in progress in Kuching – Malaysia. The expected harvest of Vietnam's next crop is also lower.
This year's volume is 58,000 tons. Domestic consumption next year is expected to reach 48,300 tons. As such, the availability may be lower, market sources attending the IPC conference told Business Line.
Globally, next year production is estimated at 333,500 tons, down 6,500 tons.
Strong domestic demand for winter and tight availability of goods is the reason for the sharp increase in pepper prices.
In major markets, the price of pepper was traded above Rs 500 a kg. But, people holding the stock do not want to sell because they see prices are increasing sharply day by day.
On the spot market, there are 4 tons of farm grade pepper and 8 tons of the line.
On NMCE, November, December and January contracts increased by Rs 84, Rs 470 and Rs 400 to Rs 50,200, Rs 50,799 and Rs 50,800 (USD 7,931 per ton, respectively). and 8,026 USD / ton). (1 USD = 63,295 Rupees)
Total revenue decreased by 7 tons.
While on IPSTA, November contract increased by Rs 1,000 to Rs 51,000 / quintal (USD 8,058 / ton) and December contract increased to Rs 50,250 / quint (approximately USD 7,939 / ton) due to an increase only. 550 lakhs. There were 89 tons of pepper traded. “In fact it is unreasonable because buyers are more than sellers,” the trader said.
Spot prices of pepper continued to skyrocket. Yesterday Wednesday, the price increased by Rs 500 to Rs 49,800 a quintal (equivalent to US $ 7,868 per tonne for pepper and Rs 51,800 a quintal (US $ 8,184 per tonne) for the selected type, thanks to strong demand in the Context of available goods continues to be tightened.
The price of Indian specialty pepper increased to about US $ 8,550 / ton (c & f) in Europe and US $ 8,850 / ton for the US, higher than the export price of other countries.
* Prices quoted for other origins (c & f) New York (USD / ton): Vietnam Asta $ 8,150 (Dec); Vietnam Asta $ 8,275 (Jan / Feb / Mar); MLV Asta $ 7,950 (Apr – Oct); Lampong Asta $ 8,275, Brazil Asta $ 7,700 FOB; Brazil b1 $ 7,600 FOB.
Source Giacaphe.vn
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