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Pepper turned hot on Thursday on good demand amid tight supply and on reports of firmer Vietnam market.
Incessant rains in Kerala’s growing areas have led to a sharp fall in arrivals.
According to farmers, the current rains are favourable for the next crop. However, an idea about the next crop would emerge only after a month. But, they said, if the incessant downpour continued for long that would have a negative impact on the crop.
Domestic demand has picked up due to the change in weather conditions in north India, market sources said.
Tight supply coupled with domestic demand have aided sharp rise in pepper prices on the IPSTA platform and on the spot, they said.
All the active contracts July, August and September increased by Rs 500 a quintal each at Rs 36,935, Rs 36,873 and Rs 36,874 respectively.
Total open interest remained unchanged at 32 tonnes. Total turnover went up by 32 tonnes to 34 tonnes. Spot prices moved up by Rs 300 at Rs 34,900 (ungarbled) and Rs 36,400 (garbled) on strong demand.
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