Pepper futures spurted further on strong demand and tight supply situations. The MG-1 Kochi pepper prices jumped by Rs 700 per quintal to Rs 52000 on Monday. NMCE benchmark January delivery ended Monday’s session at Rs 53170, up Rs 440 or 0.83% from last close.
Entering December month, the market of pepper is reportedly getting hotter in all major producing centers. Vietnam exported 130000 tonnes of pepper with value of USD872 million during the last eleven months, up 18% and surged 16.10% respectively in volume and value terms over same period last year. India’s pepper production next year is estimated lower at 45,000 tonnes, indicating a massive drop of 22%. Domestic consumption is projected at 48,300 tonnes next year. Globally also the output next year is estimated to be lower by over 6,500 tonnes at 3,33,500 tonnes- a drop of 2%.
The January pepper jumped by Rs 3400 per quintal in less than a week period time, fromthe recent low of Rs 50090 per quintal. The contract made the session high of Rs 53490 and ended the day at Rs 53170, up Rs 440 or 0.83% from last close.
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