Mumbai, June 12 (CommoditiesControl): Domestic pepper prices have surged by Rs 1,500 per quintal due to scarcity, marking an increase of Rs 5,500 per quintal over the last four sessions. The smaller-than-expected global crop has fueled this rally. According to local traders, farmers and stockists are hesitant to sell their produce, driving up spot market prices. Vietnam's crop, initially estimated to be down by 10-15%, is now reported to be about 30% lower than expected.
In Cochin, garbled pepper remains stable at Rs 70,500 per quintal, while ungarbled pepper is at Rs 68,500 per quintal. In Karnataka, pepper prices range from Rs 68,500 to Rs 70,800 per quintal. These prices are now at their highest level in eight years.
In major Vietnamese provinces, prices have risen by VND 7,000-10,000 per kg since the previous session, now ranging from VND 185,000 to VND 187,000 per kilogram. Reduced production in Vietnam and Brazil is pushing up spot market prices, with Vietnamese prices having doubled in the last three months as supply tightens. Globally, prices have remained mostly stable.
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