Mumbai, February 21 (CommoditiesControl): Domestic pepper prices in major markets of India witnessed a decline, registering a decrease of Rs 100 per quintal, primarily attributed to weakened demand. In contrast, the pepper market in Vietnam is experiencing an upward trend, driven by expectations of reduced production in the region.
The domestic pepper prices have seen a significant reduction, dropping by Rs 6,500-7,000 per quintal since reaching their peak last month. Garbled pepper prices in Cochin were reported at Rs 55,200 per quintal, while ungarbled peppers were quoted at Rs 53,200.
In Karnataka, prices ranged from Rs 53,000 to Rs 55,000 per quintal. The combination of higher output and subdued export inquiries is exerting downward pressure on domestic market prices.
Despite an anticipated increase in Indian pepper production to 70,000 tons, reflecting a rise of 3,000 tons from the previous season, the expected decline in production in Vietnam is likely to provide support to domestic pepper prices in the coming days. Vietnam's production in 2024 is projected to be 170,000 tons, marking a 10.5% year-on-year decrease. This decline has led to a substantial surge in prices, with pepper prices in Vietnam's major markets rising by VND 500 per kg, ranging between VND 86,000 and VND 89,000. The decrease in acreage and lower yields contribute to the production drop, causing prices to rise in local markets.
Global Free on Board (FOB) prices are anticipated to remain stable globally, except for Indonesia and Brazil, where prices have marginally increased.
Global FOB prices are expected to remain stable, with the exception of Indonesia and Brazil where prices have traded higher marginally.
Domestic Quotes (INR/Qtl):
Kochi Ungarbled 53,200
Kochi Garbled 55,200
Kushalnagar 53,200-54,800
Chikamagalore 53,000-55,000
FOB Quotes - Black Pepper:
Brazil ASTA (USD/MT) 4,100
Vietnam 500gl (USD/MT) 3,900
Vietnam 550gl (USD/MT) 4,000
Indonesia ASTA (USD/MT) 3,913
Malaysia (Ringgit/MT) 4,900
(By CommoditiesControl Bureau; +91-9820130172)
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