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Strengthening of the rupee against the dollar coupled unusually higher prices in the domestic market may aid imports of Vietnamese pepper.
Prices in the domestic market are above $9,000 a tonne whereas Vietnam is offering at $7,300-7,400 resulting in a wide gap, trade sources said.
Hence, duty-free imports of pepper from Vietnam cannot be ruled out. In that case the domestic prices will fall, market sources told Business Line. Anyway, availability in India even at the current prevailing high prices is very tight. There are no sellers even at ₹521 a kg for ungarbled pepper. On the NMCE, April contract increased by ₹1,625 to ₹55,700 a quintal. On the IPSTA, there were buyers for April at ceiling price of ₹54,342 a quintal but no trading took place for want of sellers, market sources claimed.
Spot prices shot up by ₹500 to ₹52,100 (ungarbled) and ₹54,100 (garbled) a quintal on strong demand amid very tight supply. Export prices were at $9,000 c&f Europe and $9,250 a tonne c&f US and continued to stay above other origins.
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