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Pepper Prices Surge in Domestic and Vietnamese Markets

29 May 2024 6:35 pm
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Mumbai, May 29 (Commodities Control): Domestic pepper prices have seen a substantial increase, driven by limited supply and rising global prices. Today, prices surged by Rs 400-500 per quintal, marking a significant rise of Rs 2,000-2,500 per quintal over the past month. Local traders attribute the increase to reluctance among farmers and stockists to sell their produce, pushing spot market prices higher.

Additionally, escalating prices in Vietnam are contributing to the surge in the domestic market. Despite an increase in output, Vietnamese prices are hitting new records daily. In Vietnam, prices have risen by VND 3,000-6,000 per kilogram since the previous session, now ranging between VND 120,000 and 126,000 per kilogram. Compared to last year, prices in Vietnam have soared by 62%, approaching unprecedented levels.

In Cochin, the price of garbled pepper remains stable at Rs 62,500 per quintal, while ungarbled pepper is priced at Rs 60,500 per quintal. In Karnataka, pepper prices range from Rs 60,500 to Rs 62,600 per quintal, with similar stability observed in major provinces such as Kushalnagar and Chikamagalore.

Globally, FOB (Free on Board) prices have shown mixed trends. While prices have slightly declined in Brazil and Indonesia, other regions have maintained relative stability.

The surge in prices is also influenced by reduced production in major pepper-producing countries. Vietnam's production is expected to remain lower than in the past five years, contributing to the upward pressure on global market prices. In Brazil, harvesting is likely to be delayed, with production anticipated to be 10-15% lower year-on-year. These factors are collectively driving up spot market prices.




       
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