Commodity Online MUMBAI: Sharp decline in pepper prices is seen in the past three days on fresh selling pressure. Before that prices traded in a sideways pattern with no clear view.
As per Spice board of India, during April- May 2009, India exported 3,000 tones of pepper valued Rs.47.48 crores as against 5,580 tones valued Rs.91.96 crores of last year.
During the period, export of pepper to US, the major buyer, has declined to 950 MT from about 2000 MT exported in April- May 2008.
Lower stocks in International markets and low selling activities at these low rates are expected to provide some support to the prices.
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Low stocks and supplies in Indian markets are reported. Demand from grinders and traders were moderate.
As per traders, total production expected at ~45000 tons. Carry forward stock reported low at ~7000 tons vs ~15-20000 tons last year.
Courtesy: Religare Commodities
