Mumbai, March 6 (CommoditiesControl): Major domestic pepper markets in India observed a decline in prices, declining by Rs 2,000 per quintal primarily due to weak demand. Both domestic and export demand reported sluggishness, exerting downward pressure on prices. In Cochin, garbled pepper prices were noted at Rs 52,500 per quintal, while ungarbled peppers were priced at Rs 49,500. Karnataka witnessed a range in prices between Rs 49,800 and Rs 52,800 per quintal. The surge in output, coupled with reduced export inquiries, contributed to the ongoing decrease in domestic pepper prices.
Contrastingly, pepper prices in Vietnam experienced an upward trend, escalating by VND 500 per kg and ranging between VND 93,500 and VND 96,000 per kg. This rise follows a previous increase, with Vietnam expected to produce 170,000 tons in 2024, marking a 10.5% decrease from the previous year. Strong demand and a limited pipeline in upcountry and port warehouses are supporting prices. Field updates indicate lower-than-anticipated production, further contributing to the favorable pricing conditions.
The Ministry of Agriculture and Rural Development released export data for February, reporting a 12.3% decline in exports (35,000 MT) for January-February, coupled with a 12.9% increase in value.
Global FOB prices exhibited stability, with a marginal rise in Indonesia. Brazil ASTA was priced at USD 4,400/MT, Vietnam 500gl at USD 4,100/MT, Vietnam 550gl at USD 4,200/MT, Indonesia ASTA at USD 3,962/MT, and Malaysia at MYR 4,900/MT.
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(By CommoditiesControl Bureau; +91-9820130172)
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