Mumbai, February 26 (CommoditiesControl): Domestic pepper prices continued their descent, experiencing a drop of Rs 400 per quintal in major markets due to subdued demand. In contrast, Vietnamese prices remained stable despite expectations of a decrease in output. The domestic market has witnessed a notable decline of Rs 7,500-8,000 per quintal since reaching its peak last month.
In Cochin, garbled pepper prices were reported at Rs 54,000 per quintal, while ungarbled peppers were priced at Rs 52,000 per quintal. Karnataka witnessed pepper prices ranging from Rs 52,000 to Rs 54,400 per quintal. The fall in domestic prices is attributed to increased output and reduced export inquiries.
Indian pepper production is anticipated to reach 70,000 tons, reflecting a 3,000-ton increase from the previous season. December's export figures revealed a 5% year-on-year increase at 1,440 MT, while imports surged by 20.4% to 3,132 MT, driven by stronger imports from Vietnam and Brazil. Imports from Vietnam registered a remarkable 728% year-on-year increase.
Vietnam, a key player in the global pepper market, saw stable prices for the second consecutive session, ranging from VND 87,000 to VND 90,000 per kg. This stability follows a previous session where prices witnessed an uptrend. The expected reduction in production in Vietnam, estimated at 170,000 tons in 2024, reflecting a 10.5% decrease year-on-year, has contributed to the stability in domestic pepper prices. Lower acreage and yields, coupled with a more evenly distributed harvesting compared to the previous year, have led to higher prices in local markets.
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