Commodities

National agencies attempt pepper sale in Kochi market

V. Sajeev Kumar Kochi | Updated on December 11, 2019

Reports of huge stocks in Vietnam influenced traders to sell

National level agencies have approached the Kochi pepper market on Wednesday to sell some stock in quantities, which was held up in their warehouses after the Kerala floods.

The only condition put forward by these agencies for sale was that the musty smell commodity should be taken 'as it is and where it is' from the warehouses. However buyers are reluctant to take such stock and the emerging situation drew away many of them from the market.

According to traders, lot of pepper was damaged in the last year's deluge and later it was sent to different centres of these agencies for drying and processing. This pepper has now come to the market for sale.

Meanwhile, the Kochi market witnessed more buying and the prices was up by ₹1 per kg, realising an average price of ₹335 per kg for ungarbled varieties. The quantity traded was 26 tonnes.

There was more buying in the market with continuing upcountry demand from all the consuming markets. The market trend will now depend upon how the sellers come forward to meet the rising demand, said Kishore Shamji of Kishor Spices.

India needs nearly 5,000 tonnes of black pepper in a month. Since it is the demand time, it could go up to 6,000-7,000 tonnes.

IPSTA Cochin Pepper rate: MG1 – ₹355 ; ungarbled – ₹335 ; New pepper ₹320.

Trade analysts Acumen Capital Markets said that pepper January futures stable at ₹343.60 per kg when last traded on Wednesday.

Published on December 11, 2019

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