Historical chart of ASTA pepper prices in New York .
(February 25) – New crop selling pressure continues to drag down both spot and futures prices even though the supply in the Indian domestic market is still limited, according to market sources on Business Line.
Long distance traders said that on the beginning of the week Rajkumari pepper was traded at Rs 647/kg and pepper from Pulpally in Wayanad district of Kerala state was at Rs 635/kg. While 500 Gr/l grade pepper from Kollam and Thiruvananthapuram districts of southern Kerala traded at an average price of Rs 575/kg and high quality pepper traded at Rs 640/kg.
Domestic demand also slowed as exchange warehouses were allowed to continue to issue tainted pepper that had to be reprocessed. Buyers mixed it with the new crop and sold it at Rs 650/kg.
Pepper prices fell further due to selling pressure. Processors, federal agents and exporters bought in. Meanwhile, Vietnamese exporters have also been fully supplied for the March delivery contract to increase the volume of Vietnamese pepper.
Yesterday, Wednesday, February 24, in the futures market, there were 52 tons of pepper traded at Rs 635-640/kg. While the spot price of pepper dropped another Rs 300, to Rs 62,200 per quintal (equivalent to $9,069 per ton) for bucket pepper and Rs 65,200 per quintal (equivalent to $9,506 per ton) for pre-processed pepper. .
On the IPSTA Spices Association, the March contract also fell Rs 500 at a rate of Rs 64,500 per quintal (equivalent to $9,404 per ton).
Indian pepper export prices are priced at $9,675 per tonne (c&f) for European delivery and $9,925 per tonne (c&f) for delivery in the US, a slight decrease of $25.
*According to the report of the General Department of Vietnam Customs, exports in the first half of February 2016 reached 3,159 tons of pepper of all kinds, with a turnover of $ 27.65 million, down 67.16% in volume and down 68. 11% in value over the same period last year. The average export price of pepper in the period reached USD 8,753/ton, down 4.01% compared to the average export price of January 2016.
* Exchange rate: 1 USD = 68.5887 Rupees
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