Mumbai, May 28 (Commoditiescontrol): In response to increased demand and constrained supply, domestic pepper prices soared today, witnessing a robust increase of Rs 900-1,000 per quintal. Local traders attribute this surge to farmers and stockists' reluctance to offload their produce, thereby driving spot market rates upwards.
Additionally, the buoyancy in prices in Vietnam is lending support to the domestic market, despite an uptick in output. Vietnamese prices are consistently hitting new highs, underscoring the strength of the market there.
In Cochin, garbled pepper prices held steady at Rs 62,100 per quintal, while ungarbled pepper stood at Rs 60,100. Meanwhile, in Karnataka, pepper prices ranged between Rs 60,000 and Rs 62,300 per quintal, reflecting a stable yet firm trend.
Major provinces in Vietnam reported stable prices from the previous session, with rates ranging between VND 119,000 and 120,000 per kilogram. Year-on-year, Vietnamese prices have surged by 57%, edging closer to historical peaks. Notably, global Free on Board (FOB) prices witnessed a sharp uptick in Brazil, while other regions maintained relative stability.
The reduced production levels in both Vietnam and Brazil are significant factors propelling spot market prices upwards. Forecasts suggest that Vietnam's production will continue to lag behind the figures of the past five years, thereby exerting further pressure on global market prices.
(By Commoditiescontrol Bureau: +91 9820130172)
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