According to Business LineAlthough the tight supply continued to put pressure on the market, Indian pepper prices, both spot prices and export prices, remained stable at high levels.
There is no selling pressure in pepper growing areas in the High Mountains of Karnataka.
Pepper from Pulpally and Bathery regions (in Wayanad district, Kerala state) was traded at Rs 590 – 595/kg. While unprocessed pepper is at Rs 575 – 585/kg.
The market seems to be feeling a supply squeeze due to the rain and direct buying by top exporters, trade sources said.
On Wednesday 13/5, on the futures market, 26 tons of pepper was delivered and traded. Spot prices remained unchanged at Rs 57,500/quintal ($8,966/ton) for bucket pepper and Rs 60,500/quintal ($9,434/ton) for pre-processed.
High humidity due to rains has increased processing costs which is said to be the reason to keep spot prices stable.
On the IPSTA Spices Association, the May and June contracts simultaneously increased by Rs 500, to Rs 62,000 per quintal (equivalent to $9,668 per tonne) and Rs 61,990 per quintal (equivalent to $9,666 per ton).
The export price of Indian pepper increased slightly to $9,850/ton (c&f) for European deliveries and $10,100/ton (c&f) for shipments to the US.
A group of exporters with pepper processing facilities have alleged that the upcoming export bonus policy of the Indian Foreign Trade sector will only benefit their pepper processing companies in Vietnam and export from there. While companies do pepper treatment in India out of respect for the slogan “Let’s do it in India” of the Prime Minister and then exporting will be disadvantaged.
*According to preliminary data reported by the General Department of Vietnam Customs, exports in April 2015 reached 16,447 tons of pepper of all kinds, with a turnover of 153.111 million USD, down 3.9% in volume and down 0. 9% in value compared to the previous month and decreased by 24.8% in volume but increased by 0.5% in value over the same period last year. The average export price of pepper in the period reached 9,309 USD/ton, up 3.12% compared to the average export price of March 2015.
*Exchange rate of 1 USD = 64.1311 Rupees
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