New Delhi, May 23 (Commoditiescontrol): Pepper prices in the domestic market continued their upward trend due to increased demand and the reluctance of farmers and stockists to liquidate their produce, thereby keeping spot market prices high. Additionally, rising prices in Vietnam are bolstering domestic market prices despite an annual increase in crop yields. Vietnam's prices have been setting new records daily.
Garbled pepper remained stable at Rs 60,100 per quintal, while ungarbled pepper was priced at Rs 58,100 per quintal. Prices ranged between Rs 58,200 and Rs 60,300 per quintal.
The Department of Commerce released export-import (EXIM) data for March, revealing:
- Exports: 1,578 MT, up 12% year-on-year.
- Imports: 1,805 MT, down 28% year-on-year.
The decline in imports is attributed to the rising prices in Vietnam, making imports less attractive.
- Price Range: VND 115,000 to 117,000 per kilogram, up by VND 1,000-2,000 per kg from the previous session.
- Annual Increase: Prices are up 55% year-on-year, trading near record highs.
Reduced production in Vietnam and Brazil is a significant factor driving up global spot market prices. Vietnam's production is expected to remain lower than in the previous five years, contributing to the global price surge.
Global FOB Prices for Black Pepper
- Brazil ASTA: USD 5,000 per MT
- Vietnam 500gl: USD 4,800 per MT
- Vietnam 550gl: USD 5,000 per MT
- Indonesia ASTA: USD 4,934 per MT
- Malaysia: Ringgit 4,900 per MT
(By CommoditiesControl Bureau: +91-9820130172)
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