Indian pepper market: Pepper prices are still high due to demand for quality
Although supply and demand were stable, domestic prices remained high as strong Rupee boosted imports, according to market sources on the Business Line.
Pepper imported fromSri Lanka are thought to be flooding the Indian market. However, farmers in the southern hemisphere also did not hurry to sell because their quality of pepper was always high.
In addition, the Association of Agricultural Producers in the major peppering states has asked the government to impose import tariffs at a minimum price, or they will convert crops because of the current cost of pepper production was too high.
Pepper of Pulpally and Bathery in Wayanad-Kerala district was traded at Rs 435 / kg, while long-distance traders ordered pepper in the Highlands of Kerala for Rs 445-450 / kg. want to sell.
Imported high-grade pepper was offered at Rs 415-400 / kg, delivered at the port’s depot.
Spot prices were steady at $ 43,200 per tonne ($ 6,640 a tonne) on Wednesday and $ 45,200 per tonne ($ 6,947 a tonne) for processed pepper.
On NCDEX, pepper for November fell by Rs 275 to close at Rs 43,325 a quintal ($ 6,659 a tonne) and the December contract dropped 10 rupees to Rs 45,910 a tonne ) is expected to fall further as the market enters this year’s Diwali festival.
India’s MG1 special grade pepper was at $ 7255 a tonne (c & f) for European and $ 7,775 a tonne (c & f) for US shipments, up $ 525 from early May. Indian exporters are benefiting from the strengthening of the Rupee against the dollar
In the international market, black pepper is offering $ 4,850 / ton for Lampung – Asta, Vietnam – Asta $ 4,375 / ton and Brazil – Asta for $ 4,200 / ton.
According to the report of the General Department of Vietnam Customs, exports in the first half of 10/2017 reached 5,274 tons of pepper, with a value of $ 24.48 million, up to 21.62% in volume but went down to 20, 24% in value over the same period last year. The average export price in the period reached $ 4,641 per ton, down 3.41% over the average export price of the previous month.
Exchange rate: 1 USD = 65.0647 Rupees.
