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The pepper production in India is estimated to be much lower than what was projected at the recently concluded International Pepper Community (IPC) session, if one goes by the projections made at the World Spices Congress currently underway here.
According to an Indian exporter having multinational operations with processing facilities in Vietnam the production this year in India is estimated at 35,000 tonnes as against 45,000 tonnes projected at the IPC Session late last year. Where as,Vietnam output this year is put at 1.35 lakh tonnes as against the IPC projection of 1,00,000 tonnes, market sources told Business Line.
Meanwhile, Indian farmers and primary market dealers in Kerala and Karnataka claimed that given the unfavourble weather conditions the Indian output would be even below 35,000 tonnes.
These projections would be reflected on the market in the coming days, they said. Vietnam which was reportedly firmer by $500 a tonne yesterday is claimed to have become easier today.
Indian prices have been ruling by and large steady on Wednesday with marginal decline in the running contract, they said. As the north Indian buyers are allegedly interested in cash and carry business their requirement of late is being made by dispatches from the primary markets directly by rail evading tax rampantly, they said.
Consequently, arrivals at the terminal market have fallen sharply. As against around 100 tonnes at this time of the season in the past, only 35 tonnes of farm grade pepper were traded today at prices between Rs500 and Rs515 a kg depending upon the quality and area of production, they claimed.
On the NMCE, Mar contract slipped by Rs40 to the last traded Price of Rs52,100 while Apr contract fell shaply by Rs330 a quintal to the LTP of Rs52,570 a quintal.
Turn over decreased by 3 tonnes to 5 tonnes while net open position remained unchanged at 22 tonnes. Spot prices ruled steady at previous levels on matching demand and supply at Rs50,000 (ungarbled) and Rs 52,000 (garbled) a quintal.
Indian export prices were at $8,500 a tonne cf Europe and $8,750 a tonne cf USA.
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