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Domestic and Vietnamese Pepper Prices Continue to Rise

25 May 2024 10:09 am
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Mumbai, May 24 (Commoditiescontrol): Pepper prices in the domestic market continue to show upward trend on Friday due to increased demand, rising by Rs 500 per quintal. Local traders report that farmers and stockists are reluctant to liquidate their produce, which is keeping spot market prices elevated. Additionally, rising prices in Vietnam are bolstering domestic market prices, despite increased output. Vietnamese pepper prices are setting new records daily.

In the Cochin market, garbled pepper remained stable at Rs 60,600 per quintal, while ungarbled pepper was priced at Rs 58,600 per quintal. In Karnataka, pepper prices ranged between Rs 58,600 and Rs 60,800 per quintal.

Meanwhile, the Department of Commerce released EXIM data for March. According to the update, exports were 1,578 MT, up 12% year on year, while imports were 1,805 MT, down 28%. Lower imports this month are attributed to the rising prices in Vietnam.

Prices in major Vietnamese provinces range from VND 117,000 to 118,000 per kilogram, up by VND 1,000-2,000 from the previous session. Vietnamese prices have surged 57% year on year, trading at near-record levels. Global FOB prices increased in Indonesia, while other regions remained relatively stable.

Reduced production in Vietnam and Brazil is contributing to the increased spot market prices. Vietnam's production is expected to be lower than in the previous five years, driving up global market prices.

Domestic Quotes (INR/Qtl):
- Kochi: Ungarbled - Rs 58,600, Garbled - Rs 60,600
- Karnataka:
- Kushalnagar - Rs 58,600-60,600
- Chikamagalur - Rs 58,500-60,800

FOB Quotes - Black Pepper (USD/MT):
- Brazil ASTA: $5,000
- Vietnam 500gl: $4,800
- Vietnam 550gl: $5,000
- Indonesia ASTA: $5,000
- Malaysia: 4,900 Ringgit/MT

(By CommoditiesControl Bureau: +91-9820130172)

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