Last week, due to the current tight supply situation, local pepper prices increased hotly. Local dealers have started to cover prices and as a result, a boom in demand for spot pepper can be seen.
The demand for pepper in the country has grown very strongly because federal agents have been buying directly in cash and doing it on the premises, from the primary market to farmers in Idukki and Wayanad districts, in the state. Kerala.
Top exporters said to have bought pepper in Rajkumari (Idukki) at Rs 350/kg while pepper in the high mountains was bought at Rs 347/kg.
Tight available pepper combined with good supportive purchasing power pushed up the spot market price. Small and medium pepper oil producers in the north of India have been buying strongly after the onset of the rainy season.
In April, national importers reported importing 1,500 tons pepper from Vietnam, and shipped 12,000 tons of pepper in May.
Pepper from Battery and Pulpally of Wayanad district is offered at Rs 340/kg. Karnataka pepper was quoted at Rs 335/kg and sellers offered lower grade pepper at Rs 331/kg.
Buyers continue to decrease because of the rains in the growing areas pepper main in Kerala. Shipments from Karnataka also fell, market sources said. Due to the summer rains in Kerala, pepper has a high moisture content of up to 13.5%.
All IPSTA weekend active contracts saw a significant increase. The June, July and August contracts rose by Rs 569, Rs 451 and Rs 612, respectively, and closed on Saturday, June 8, at Rs 35,919 per quintal, Rs 35,974 per quintal and Rs 36,250 per quintal (equivalent to Rs. equivalent to $6,294/ton, $6,304/ton and $6,352/ton). (1 USD = 57,065 Rupees)
Total turnover decreased by 156 tons to 303 tons. Total open interest fell 1 tonne to 28 metric tons.
Spot prices rose by Rs 200 to close at Rs 33,900/quintal (US$5,941/ton) for bucket pepper and Rs 35,400/quintal (US$6,203/ton) for MG1 selected pepper due to good buying support. .
Indian specialty pepper in the international market is at $6,450/ton (c&f) for June delivery to Europe and $6,650/ton (c&f) for shipments to the US. The price of Malabar pepper is equivalent to pepper Vietnam now, export sources said.
Indian pepper prices fell despite an increase in prices in the futures market due to the weakening of the rupee against the dollar.
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