After a long period of silence, in the last 2 trading sessions (June 19 + 20) before the forward month, the world pepper futures price in Kochi-India suddenly skyrocketed. .
Futures for delivery in June, July, and August increased by a total of Rs 510, Rs 835 and Rs 800, respectively, to Rs 40,380 per quintal, Rs 40,730 per quintal and Rs 40,940 per quintal, equivalent to $7,246 per ton, $7,309 /ton and $7,347/ton, up 1.25% compared to the previous day.
Spot pepper prices in the Indian market following the futures market trend increased by Rs 200, to Rs 38,500 per quintal, equivalent to $6,909 per tonne for bucket pepper and Rs 40,000 per quintal, or $7,178 per metric ton. selected pepper grade MG1, an increase of 80-100 USD/ton compared to last week. ( 1 USD = 55.7246 Rupees )
The price of India’s MG1 specialty pepper in the international market is $7,450/ton (C&F) for exports to Europe and $7,750/ton (C&F) for exports to the US, still maintaining a competitive price compared to that of the US. consumption of other exporting countries.
Recently, spice traders around the world said that the price of Indian pepper needs to be reduced to a more reasonable level, especially when Brazil and Indonesia will enter the new harvest from the end of this June. Currently, the price of Indian pepper is 300-400 USD/ton higher than that of other exporting countries.
Reuters also reported that Indian market analysts said that demand for Indian pepper is very weak both in domestic and export markets because of higher prices than other origins, and forecast In the next 1-2 days the price will drop. But the pepper market has changed unexpectedly.
It is known that in 2011 Brazil exported 32,676 tons of pepper of all kinds, up 6% over the previous year and Indonesia exported 36,487 tons of pepper of all kinds, down 42% over the previous year.
According to the adjusted forecast of the International Pepper Association (IPC), this year Brazil’s output is estimated at 35,000 tons and Indonesia’s is estimated at 41,000 tons, following the two major pepper producing countries, Vietnam and India. .
The export price of Vietnamese black pepper 500g Gr/l-FAQ at $6,350-6,400/ton and 550 Gr/l-FAQ at $6,700-6,750/ton, while white pepper 630Gr/l-FAQ offered price 9,400-9,450 USD/ton, (FOB), unchanged.
This afternoon on June 21, pepper prices in domestic markets increased slightly by 1-2,000 VND/kg. Specifically, in Ba Ria – Vung Tau 126-127 thousand VND/kg, in Binh Phuoc the price is 124-125 thousand VND/kg and in Dak Lak – Dak Nong and Gia Lai the price is 121-123 thousand VND/kg.
According to traders, the pepper trade has been quite quiet lately because farmers expect a better price compared to the previous year. It is known that last year the price of pepper bucket peaked in mid-October.
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