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Domestic Pepper Prices Surge; Vietnamese Market Hits Record High

23 Apr 2024 7:25 pm
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Mumbai, April 23 (CommoditiesControl): Domestic pepper prices experienced a notable uptick in major domestic markets, propelled by robust demand and rising global prices, particularly in Vietnam. Market observers note that export inquiries intensified as the gap between Indian and international prices narrowed significantly amid a sharp global price surge.

Pepper prices in domestic markets were reported to range between Rs 55,800 and Rs 58,000 per quintal, reflecting the bullish trend. In Cochin, garbled pepper commanded prices of Rs 57,800 per quintal, while ungarbled pepper traded at Rs 55,800 per quintal. Similarly, prices in Karnataka hovered between Rs 55,800 and Rs 58,000 per quintal.

Vietnam, a key player in the global pepper market, witnessed a substantial price hike, with prices rising by VND 1,000 per kilogram to reach a record high of VND 97,000-98,000 per kilogram. The surge in Vietnamese prices, attributed to robust demand and subdued supply stemming from aggressive exports and reduced production, marked a significant increase of nearly 60% compared to the previous year.

Global FOB prices for black pepper remained stable to firm, with Indonesia experiencing a rise while other destinations maintained stability.

Notably, Brazil's ASTA pepper traded at USD 4,300 per metric ton, Vietnam's 500gl variety at USD 4,200 per metric ton, and Indonesia's ASTA pepper at USD 4,572 per metric ton.

The upward momentum in domestic pepper prices is expected to persist as demand continues to strengthen. Furthermore, the rally in Vietnamese prices is anticipated to further propel domestic prices.

(By Commoditiescontrol Bureau: +91-22-40015505)

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