Mumbai, 04 Oct 2024 (Commoditiescontrol): Pepper prices in Kerala and Karnataka's major markets remained stable, with sellers showing limited activity following a recent Rs 1,800-2,000 per quintal decline from peak levels. Global production trends point to a mixed outlook, with a likely decrease in Brazil's output, while Vietnam may see production remain steady or register only a marginal increase. Replanting has been minimal over the last 4-5 years due to low prices, which has kept sellers cautious.
After a sustained price decline over the past 8-10 years, the market has seen a rebound over the last two years, prompting stockists and producers to adopt a wait-and-watch strategy, anticipating further gains.
In the Cochin market, ungarbled pepper is priced at Rs 64,600 per quintal, garbled at Rs 66,600, and 500-gram grade at Rs 63,600. In Karnataka, prices range from Rs 64,500 to Rs 66,700 per quintal. Farmers have reported favorable crop conditions, with expectations of good rains in the coming weeks to support further peppercorn development.
In Vietnam, pepper prices have held steady between VND 147,000 and 148,000 per kilogram, continuing the lower end of recent price fluctuations, which have ranged from VND 147,000 to 155,000 per kilogram over the past month. Market participants are monitoring whether the lower price range will persist.
On the export front, FOB prices remained mostly stable, with Indonesia seeing a 0.7% drop due to lower supplies. Harvesting in Central South Brazil and Indonesia is nearing completion, exerting pressure on export prices, while North Brazil’s harvest is expected to commence this week.
Domestic pepper prices are likely to remain within a broader range but with a positive bias. While short-term pressures may keep prices subdued, long-term projections suggest further upward movement, potentially pushing prices to new highs.
Current Prices
Kochi (INR per Quintal)
Ungarbled: Rs 64,600
Garbled: Rs 66,600
500g: Rs 63,600
Karnataka (INR per Quintal)
Kushalnagar: Rs 64,500–66,600
Chikamagalore: Rs 64,500–66,700
FOB Quotes (USD/MT) - Black Pepper
Brazil ASTA: $6,850
Vietnam 500gl: $6,800
Vietnam 550gl: $7,100
Indonesia ASTA: $6,782
Malaysia: MYR 8,900
The overall market sentiment remains cautiously optimistic, with industry participants closely watching global and domestic developments to gauge the next price movement.
(By Commoditiescontrol Bureau; +91-9820130172)
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