Domestic traders are actively buying in the context of tight supply, while export companies are waiting for suppliers to deliver, according to Business Line.
Demand in the main domestic consumption markets also starts to increase after the festive season.
Spot pepper prices have shown a firmer trend of good purchasing power in the context of tight availability. Domestic traders are also actively looking for local sources of goods.
Yesterday, Thursday, September 3, in the futures market, only 19 tons of high-weight pepper were traded at Rs 655-657/kg.
Spot pepper prices also increased by Rs 200 to Rs 64,300/quintal (US$9,715/ton) for bucket pepper and Rs 67,300/quintal (US$10,169/ton) for pre-processed pepper.
However, on the IPSTA Spices Association Floor, the September contract fell Rs 750 to Rs 67,750 per quintal (equivalent to $10,237 per ton).
Meanwhile, Brazil is offering B Asta pepper at $9,850/ton (c&f), Vietnam is offering Asta pepper at $10,425/ton (fob), Lampung Indonesia is reported to sell for $10,360/ tons (fob) and Sri Lankan pepper are offered for sale at 500 Gr/l at $9,400/ton, delivered at Kochi.
The export price of Indian pepper is about 10,550 USD/ton (c&f) for Europe and 10,800 USD/ton (c&f) for the US, a slight increase.
*According to a report of the Agriculture and Rural Development sector, the export volume of pepper in August 2015 is estimated at 7 thousand tons, with a value of 72 million USD, bringing the export volume of pepper in the first 8 months of 2015 to 104 thousand tons with value of $978 million, down 21.7% in volume and 1% in value. The average export price of pepper in the first 7 months of 2015 reached $9,373/ton, up 28.11% over the same period in 2014. Pepper exports to the US, Singapore and United Arab Emirates – 3 markets Vietnam’s largest market in the first 7 months of 2015 accounted for 38.86% market share.
*Exchange rate of 1 USD = 66.1834 Rupees
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