Financial Daily from THE HINDU group of publications
Wednesday, Jul 23, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jul 23, 2003 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper steady on tight global supply G.K. Nair
Kochi , July 22 PEPPER prices moved up as the international market firmed up on tight supply of graded varieties. All the producing countries such as Indonesia, Brazil, Malaysia and Vietnam have increased their prices. As usual Indian pepper has been out-priced at $1,725 - $1,750 per tonne. Increased demand from China is reported to have slowed down Vietnamese sales to other markets. Though Indonesia has started harvesting there is no selling pressure. Indonesia and Brazil are offering nearby positions at $1,600 a tonne. According to international trading sources, good demand exists in the world market. The unclear picture about the availability from the producing countries seems to have created confusion in the market. Buyers find it difficult to keep away from the market. Given this situation, prices might move up, they said. In the domestic market, prices remain almost steady on some buying activity after the truck strike. However, upcountry demand is weak due to the rains and the availability of imported pepper from Sri Lanka. About 20 containers of pepper are expected from Sri Lanka soon, according to market sources. As the season there has advanced, shipments in to the country are likely to go up, they said. Sri Lankan black pepper is imported at $ 1,450 per tonne for sale in the domestic market, while the oleoresin industry imports immature pepper at $1,600 to $1,625 per tonne. In line with the international market the prices remained steady at spot sales. Spot prices on Tuesday were at last week's level of MG 1 Rs 8,000 and un-garbled Rs 7,700 per quintal. The futures prices were August Rs 8,060 against Rs 8,113 on July 15. September Rs 8,330 (Rs 8,398), October Rs 8,564 (Rs 8,598), November Rs 8,669 (Rs 8,702), December Rs 8,789 (Rs 8,822), and January Rs 8,845.
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