The price of pepper futures increased by nearly 200 USD per day, an increase beyond all expectations of analysts as well as speculators.
This week, the world price of pepper futures on NCDEX in Kochi-India had a series of consecutive sessions of soaring, a rare increase. In just the first 3 sessions of the week, March delivery increased a total of Rs 2,680, or 8.62%, to Rs 33,670 per quintal, equivalent to $6,852 per tonne and April delivery increased a total of Rs 2,745. ie increased 8.72%, to Rs 34,210/quintal, equivalent to USD 6,962/ton. In USD terms, the increase is approximately 530-560 USD. (1 USD = 49.1391 Rupees)
Spot pepper prices also increased by a total of Rs 1,841, or 5.81%, to Rs 33,505/quintal, equivalent to USD 6,818/ton, up USD 375.
However, according to Vietnamese pepper exporters, the price of Indian pepper is being pushed up due to the main reason that this year Indian pepper output continues to decline sharply, requiring a strong attraction to pull goods back.
It is known that last year, India was one of the Top 5 major importers of Vietnamese pepper, with a volume of 6,696 tons of pepper of all kinds and a turnover of 36.3 million USD. India mainly imports low-priced pepper for processing, re-export and supplement for domestic consumption.
Meanwhile, on SMX (Singapore), through 2 trading sessions on February 22 and 23, the price of pepper for March delivery only increased by 8 USD/ton while the term for April delivery decreased by 47 USD/ton. This is the reason why Vietnam’s domestic pepper prices have slowed down in the past few days.
Due to the difference in time zones, the closing price of the SMX also has a strong impact on the NCDEX, so Indian pepper traders will have a better chance of success.
Also from the beginning of this week, the domestic price of black pepper in key pepper growing areas did not fluctuate significantly because there were no goods to market. Some traders said that the demand for orders from exporters is very low and pepper growers do not want to sell. Purchase volume was only 1/4 of the same period last year.
This morning, February 25, the price of black pepper in a bucket in Ba Ria – Vung Tau market stood around 126,000-127,000 VND/kg. Other markets are lower than 3,000-4,000 VND/kg, the price has been maintained for the past 7 days.
According to the data reported by the Customs, in the first half of February 2012, exports reached 3,301 tons of pepper of all kinds with a turnover of 22.3 million USD, up 216.19% in volume and 354.33% in price compared to the previous year. with the first half of February 2011. The average export price reached 6,740 USD/ton.
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