(24/10) – Spot and futures prices in markets exploded yesterday, Wednesday, October 23, following strong demand amid tightening real commodity conditions.
Each day passed, spot prices increased to a new level, market sources said Business Line. If the current trend continues, spot prices could hit a record of Rs 500 a kg, a few traders said.
The strong increase in domestic demand has helped boost prices. Buyers, including the industry that had postponed purchases, have started reporting on all sources. This, in turn, has tightened real goods and pushed prices even higher.
The report on the release capacity of about 500 tons of pepper, out of an estimated 6,800 tons of pepper kept in storage, along with a continuous boom in prices seems to have forced growers and major market traders to hold. pepper back for year-end sale. As a result, there are about 62 tons of farm grade pepper and 72 tons of traders delivered on Tuesday and Wednesday. All are traded at Rs 445 – 455 lakhs / kg.
Meanwhile, as the supply has shifted to tightening, corporations and federal agents who have bought large numbers of previously trying to push prices up.
On the international market now there are pepper of all origins, except Brazil is at a high level, and as a result, overseas buyers are reported to be waiting and watching.
On NMCE, November and December contracts increased by Rs 823 and 1,058 Rs to Rs 46,510 a quintal and Rs 46,990 a quintal (equivalent to US $ 7,549 / ton and US $ 7,627 / ton). On IPSTA, November and December contracts increased to Rs 46,703 / quintal and Rs 46,500 / quintal (equivalent to US $ 7,581 / ton and US $ 7,548 / ton). (1 USD = 61.6082 Rupees)
Spot prices continued to increase by Rs 500 to Rs 44,500 a quintal (US $ 7,223 per tonne) for pail and Rs 46,500 a quintal (US $ 7,548 per ton) for selected grades, thanks to strong demand. .
Indian parity in the international market is around USD 8,000 per tonne (c & f) in Europe and USD 8,300 per tonne (c & f) for the US and Malabar pepper prices are running ahead of all sources. Lampong pepper was reported not to offer any price, while Vietnam Asta pepper was listed at 7,900 USD / ton.
Source Giacaphe.vn
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