Mumbai, March 7, 2024 (Commoditiescontrol): Domestic Indian pepper prices continued their downward slide, losing Rs 400-500 per quintal on weak domestic and export demand. Garbled pepper in Cochin stood at Rs 51,100 per quintal, with ungarbled at Rs 49,100. Prices in Karnataka ranged from Rs 49,400 to Rs 51,800 per quintal. Increased production and reduced export interest are the key drivers of this downward price trend.
In contrast, Vietnamese pepper prices remained stable at VND 93,500 to VND 96,000 per kg, recovering somewhat from previous declines. Vietnam forecasts a 10.5% decrease in 2024 production at 170,000 tons compared to last year. Robust demand and limited supply in warehouses are propping up Vietnamese prices. Field reports further suggest lower-than-anticipated yields.
The Ministry of Agriculture and Rural Development's February export figures highlight an interesting divergence: a 12.3% decrease in Indian export volume compared to January-February of the previous year but a 12.9% increase in export value. This suggests that while India may be exporting less pepper, the pepper it exports is commanding higher prices.
Global FOB prices stabilized after recent increases, except for Indonesia, where prices experienced a marginal uptick.
(By Commoditiescontrol Bureau; +91-9820130172)
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