Kochis Pepper Market Reflects Bullish Trends

The local black pepper market is reflecting bullish trends as Kochi happens to be the nerve centre of the global market for the product at present.

Though the price level has come down marginally, the traders here say that the market will remain bullish during December and January next year with marginal corrections now and then. According to a section of the exporters, the trend is likely to continue in the first week of February as well.

Growers are holding pepper stocks in anticipation of a further increase in the price level and exporters are not making any fresh contract for December and January 2002. During the last week, the prices had crossed Rs 8,000 per quintal mark to touch the Rs 8,200 per quintal level. Though, at present the prices are hovering around Rs 8,000.

India, Indonesia and Brazil are the three countries in the fray at present. Indonesia had already sold out most of its produce.

The shipments from the country carried a price tag of $1600 per tonne for December and are quoted at $1550 for the first half of January.

Brazil is also quoting higher prices ranging between $1,400 and $1,425.

The Indian prices stand between $1,625 and $1,650 for December and would range between $1550 and $1575 for January. But the importing countries, especially the US, are offering to buy the commodity at $1,550 - $1575.

The local traders, whereas, are not ready to take the risk of taking contracts at lower prices since the market is under the control of bulls.