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Pepper Prices Surge Domestically; Vietnam Reports Stability

21 Jun 2024 10:48 pm
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Ahmedabad, June 21 (Commodities Control): Pepper prices in major domestic markets have rebounded significantly, rising by Rs 200 per quintal following a period of decline in the last 2-3 sessions. Sellers have been notably inactive, contributing to a recovery of Rs 900 per quintal over the past three sessions, marking an eight-year high. Local traders attribute this surge to reluctance among farmers and stockists to sell, bolstering spot market rates.

In Cochin, garbled pepper remains stable at Rs 70,500 per quintal, with ungarbled pepper priced at Rs 68,500. Karnataka witnessed prices ranging from Rs 68,500 to Rs 70,700 per quintal. Additionally, reports indicate that rainfall in major pepper-growing districts of Kerala and Karnataka has been 30-40% below normal, further influencing market sentiment.

Meanwhile, in Vietnam, pepper prices have declined by VND 30,000-32,000 per kilogram from recent highs due to subdued demand but are expected to stabilize today. Prices in key provinces ranged between VND 156,000 and 158,000 per kilogram. Despite this drop, there is anticipation of a recovery in prices in the near future following a significant 20% decline in global prices in Vietnam.

Domestic Quotes (INR/Qtl):
- Kochi: Ungarbled - 68,500 / Garbled - 70,500
- Kushalnagar: 68,500-70,600
- Chikamagalore: 68,600-70,700

FOB Quotes - Black Pepper:
- Brazil ASTA (USD/MT): 7,500
- Vietnam 500gl (USD/MT): 6,900
- Vietnam 550gl (USD/MT): 6,500
- Indonesia ASTA (USD/MT): 7,772
- Malaysia (Ringgit/MT): 7,500

(By CommoditiesControl Bureau: +91-9820130172)

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