Mumbai, March 20 (CommoditiesControl): Domestic pepper prices in major markets have witnessed a slight recovery. Reports indicate a marginal uptick of Rs 200 per quintal, marking an incremental improvement in market sentiments. Notably, this recovery follows a trend of gradual improvement, amounting to around Rs 2,000 per quintal since the decline experienced previously. However, the current prices reflect a significant decline of nearly Rs 18,000 per quintal from their peak, primarily attributed to dwindling export demand.
Global pepper prices have largely remained buoyant, contributing to the stabilization of prices domestically in the near term. Conversely, Vietnamese pepper prices have witnessed a slight increase, consolidating their position in the global market. This upward trend in Vietnamese prices is anticipated to exert a stabilizing influence on pepper prices globally, particularly amidst the backdrop of domestic price volatility.
In specific markets, garbled pepper prices in Cochin are reported at Rs 52,500 per quintal, while ungarbled peppers command a price of Rs 50,500. Karnataka markets depict a price range of Rs 50,600 to Rs 52,500 per quintal, highlighting localized variations within the domestic market.
Across the Vietnamese landscape, pepper prices have experienced a marginal decline, ranging between VND 93,000 and VND 95,000 per kg after a period of relative stability. Despite this slight dip of VND 500 per kg, prices remain elevated, exhibiting a notable 35% increase year-on-year and lingering near record levels. As peak arrivals coincide with the market landscape, prices are anticipated to face continued pressure.
Looking ahead, demand for pepper in 2024 is projected to remain robust, buoyed by a constrained supply chain within upcountry and port warehouses. Additionally, field updates suggest a lower-than-expected production output, further underpinning price stability.
Global Free On Board (FOB) prices have largely maintained stability, with the exception of Indonesia, where a slight decline was observed.
Domestic Quotes (INR/Qtl)
Kochi Ungarbled 50,500
Kochi Garbled 52,500
Kushalnagar 50,500-52,500
Chikamagalore 50,400-52,300
FOB Quotes - Black Pepper
Brazil ASTA (USD/MT) 4,375
Vietnam 500gl (USD/MT) 4,100
Vietnam 550gl (USD/MT) 4,200
Indonesia ASTA (USD/MT) 4,287
Malaysia (Ringgit/MT) 4,900
(CommoditiesControl Bureau; +91-9820130172)
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