Mumbai, April 24 (CommoditiesControl): Pepper prices in major domestic markets continued to show upward trend , driven by robust demand amidst a backdrop of increased global prices and subdued supply.
Market dynamics indicate an uptick in stockpiling and export inquiries, further propelled by a significant narrowing of the spread between India and other countries, in light of the sharp surge in global prices.
In the domestic scenario, pepper prices witnessed a notable increase, rising by Rs 200 per quintal. Notable figures include Cochin's garbled pepper at Rs 58,000 per quintal, and ungarbled pepper priced at Rs 56,000 per quintal. Similarly, in Karnataka, prices ranged between Rs 56,000 and Rs 58,200 per quintal.
Conversely, Vietnamese pepper prices experienced a marginal decline, slipping by VND 1,000 per kg from record highs. Prices were noted between VND 96,000 and VND 97,000 per kg. Nonetheless, the Vietnamese market remains substantially elevated, with prices up by 60% year on year, driven by diminished output and a tighter supply balance attributed to aggressive exports.
Global FOB prices demonstrated stability to firmness, with Brazilian quotes registering an uptick while other destinations maintained stability.
Market observers anticipate further escalation in domestic prices, propelled by sustained demand. Additionally, the spillover effect from rising prices in Vietnam is expected to further bolster domestic prices.
Domestic Quotations (INR/Qtl)
- Kochi: Ungarbled - 56,000, Garbled - 58,000
- Kushalnagar: 56,000-58,200
- Chikamagalore: 56,000-58,000
FOB Quotations - Black Pepper
- Brazil ASTA: USD/MT 4,450
- Vietnam 500gl: USD/MT 4,200
- Vietnam 550gl: USD/MT 4,300
- Indonesia ASTA: USD/MT 4,569
- Malaysia: Ringgit/MT 4,900
(By Commoditiescontrol Bureau: +91-22-40015505)
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