Mumbai, March 21 (CommoditiesControl): Domestic pepper prices in major markets witnessed a decline of Rs 600 per quintal attributed to subdued demand and arrival pressure. The market downturn is primarily influenced by reduced export inquiries and weakened domestic demand. Prices have plummeted by nearly Rs 18,000 per quintal from their peak levels, largely due to a decrease in export demand. In Cochin, garbled pepper is reported at Rs 51,900 per quintal, while ungarbled variety is priced at Rs 49,900. Meanwhile, pepper prices in Karnataka ranged between Rs 50,000 and Rs 52,000 per quintal.
Conversely, pepper prices in Vietnam saw a slight increase, ranging between VND 93,500 and VND 95,500 per kg. Although prices rose by VND 500 per kg, they remain significantly higher compared to the previous year, marking a 35% year-on-year increase and trading near record levels. However, prices are anticipated to remain under pressure as arrivals are expected to reach their peak.
Expectations for strong demand in 2024 are anticipated to bolster prices, with support from limited stocks in upcountry and port warehouses. Additionally, field updates suggest that production will fall short of initial estimates, further bolstering prices.
On the global front, FOB prices were reported as stable to firm, with increases noted in Vietnam and Indonesia.
Domestic Quotes (INR/Qtl)
- Kochi: Ungarbled: Rs 49,900
- Kochi: Garbled: Rs 51,900
- Kushalnagar: Rs 50,200-52,000
- Chikamagalore: Rs 50,000-52,000
FOB Quotes - Black Pepper
- Brazil ASTA: USD 4,375 per MT
- Vietnam 500gl: USD 4,200 per MT
- Vietnam 550gl: USD 4,300 per MT
- Indonesia ASTA: USD 4,305 per MT
- Malaysia: Ringgit 4,900 per MT
(CommoditiesControl Bureau; +91-9820130172)
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