Black Pepper 28 feb

Mumbai, February 28 (Commodities Control): Domestic Pepper prices in key markets have displayed resilience, maintaining stability after a recent decline spanning the last 10 to 12 sessions. Domestic prices, which had witnessed a decrease of Rs 7,500-8,000 per quintal since their peak last month, are currently reported at Rs 54,000 per quintal for garbled pepper and Rs 52,000 for ungarbled pepper in Cochin. In Karnataka, the price range stands between Rs 52,000 and Rs 54,400 per quintal. The stabilization comes amidst a backdrop of increased output and reduced export inquiries, factors contributing to the recent price adjustments.

Indian pepper production is projected to reach 70,000 tons, reflecting a 3,000-ton increase from the previous season. The recently released export and import data for December reveals a 5% uptick in exports to 1,440 MT, while imports surged by 20.4% year on year to 3,132 MT. Notably, imports from Vietnam registered a substantial 728% year-on-year increase.

In Vietnam, pepper prices in major markets have held steady for the second consecutive session, ranging between VND 87,000 and VND 90,000 per kg. This stability follows a previous session's increase. The expected reduction in Vietnamese production for 2024, down by 10.5% year on year to 170,000 tons, is cited as a supporting factor for the sustained prices, marking a significant uptick.

Global Free on Board (FOB) prices have remained consistent across origins, with the exception of Indonesia, where prices are reported to be weak.