Domestic Pepper Prices Rebound While Vietnamese Rates Hold Steady

Mumbai, March 13 (CommoditiesControl): Domestic pepper prices in major markets have witnessed a notable recovery, surging by Rs 1,000-1,200 per quintal following a steep decline observed over the past month and a half. Despite dropping substantially from their peak levels, prices are showing signs of improvement fueled by robust demand at lower price levels. Additionally, the continued elevation of global prices is expected to provide support to domestic prices in the near future.

In Cochin market, garbled pepper is quoted at Rs 52,200 per quintal, while ungarbled pepper commands a price of Rs 50,200. Prices in Karnataka range from Rs 50,500 to Rs 52,500 per quintal.

In contrast, pepper prices in Vietnam have remained stable, showing resilience after a weak session. Prices range from VND 92,000 to VND 95,000 per kilogram, following a significant increase last week. The current prices reflect a substantial year-on-year increase of 35%. Despite expectations of a 10.5% decrease in production compared to the previous year, estimated at 170,000 tons for 2024, demand remains robust. Prices are further bolstered by a thin pipeline in both upcountry and port warehouses. Field updates indicate lower-than-expected production, providing additional support to prices.

Global FOB prices have generally stabilized, with the exception of Indonesia, where prices have increased by 6% compared to other major origins.

Domestic Quotes (INR/Qtl):
- Kochi: Ungarbled 50,200, Garbled 52,200
- Kushalnagar: 50,500-52,500
- Chikmagalur: 50,400-52,300

FOB Quotes - Black Pepper (USD/MT):
- Brazil ASTA: 4,400
- Vietnam 500gl: 4,100
- Vietnam 550gl: 4,200
- Indonesia ASTA: 4,182
- Malaysia: 4,900 (Ringgit/MT)

(By Commoditiescontrol Bureau: +91 9820130172)