Pepper price yesterday, Wednesday, May 22, increased again due to the support of purchasing power during the session at IPSTA. The market has been volatile and has seen some stalled sales, market sources told Business Line.
There is demand from the state of Maharashtra after the traders strike ends. Likewise, there are indications of good buying power emanating from the northern Indian markets and all the factors that are supportive for prices to rise.
However, a weakening rupee against the US dollar has made Indian pepper prices almost competitive in the international market and closer to Vietnamese pepper prices.
Local traders in Tamil Nadu and Delhi have been actively buying directly from farmers at a premium to the futures market, in cash and on-premises.
On the spot, 60 tons of pepper were shipped, of which 32 tons were from Karnataka, and all were traded on the way.
On IPSTA, contracts for June, July and August rose by Rs 318, Rs 448 and Rs 123, respectively, to close at Rs 34,998 per quintal, Rs 35,204 per quintal and Rs 35,091 per quintal, or $6,302 per quintal. tons, $6,339/ton and $6,319/ton. ( 1 USD = 55.5369 Rupees )
Total sales fell 45 tons to 95 tons. However, the total number of open interest increased by 20 tons to 21 tons where, according to market observers, improvement is needed. The IPSTA source responded by saying that “it was just due to some glitches and will be fixed soon”.
Spot prices remained unchanged at Rs 33,500/quintal ($6,032/ton) for bucket pepper and Rs 35,000/quintal ($6,302/ton) for selected MG 1, on request and supply. Fit.
Indian specialty pepper in the international market fell to around $6,550/ton (c&f) although the price increase was due to today’s weakening of the rupee against the dollar.
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