VIETNAM - SPICES MARKET UPDATE 12TH DECEMBER 2019

November, Vietnam has exported 16,484 tons of pepper, including 14,941 tons of black pepper and 1,543 tons of white pepper.  Export turnover reached 38.85 million $ with black pepper 33.98 million$ & white pepper 4.87 million $. Compared to the October, the export volume decreased by 3.9%, the turnover decreased by 5.8%.

Accumulated from Jan to November 2019, Vietnam has exported 271,067 tons including 243,174 tons of black pepper & 27,893 tons of white pepper with export turnover reached 682.9 million $. Compared to the same period in 2018, the export volume increased by 21.7%, equivalent to 48,281 tons, but the export turnover decreased by 6.8%, equivalent to 49.8 million $.

The average export price of black pepper in the first 11 months of 2019 reached 2,446 USD/ton, white pepper at 3,026 USD/ton. The export price of black pepper decreased by 23.4% and white pepper decreased by 21.3% compared to the same period of 2018.

China is Vietnam's largest pepper import with 56,095 tons, USA is 46,210 tons, follow is India, Germany…

Pepper market slightly firmer due to exporters covering December shipment, farmers/collectors offer limited raw material. USD is in weakening trend compare with Vietnam currency from this year.

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IPC MARKET REPORT No. 44/19, 28 October - 1 November 2019

LOCAL MARKET
Market this week showed mixed response with a rather static outlook.
In local market, Malabar black pepper was traded with a 1% deficit as compared to the previous week with an average of USD 4,202 per Mt.
Indonesia black and white pepper was reported stable with an average of USD 1,639 per Mt for black pepper and USD 3,313 per Mt for white pepper. Farmers in Lampung were reported to hold selling their pepper in the hope of better price.
Malaysian black and white pepper was also reported stable at an average of USD 1,993 per Mt and USD 3,505 per Mt respectively.
Furthermore, Viet Nam black and white pepper was also reported stable and unchanged.
Sri Lanka black pepper continuously moving up, in local market it recorded an increase by 2% as compared to the previous week and was traded at an average of USD 2,708 per Mt.
Whilst, China white pepper was reported stable with an average of USD 4,595 per Mt.

INTERNATIONAL MARKET
In international market, the trend also showed mixed response. FOB price of India black pepper was reported with the same 1% deficit as compared to the previous week at an average of USD 4,484 per Mt. Indonesia black and white pepper was reported steady with an average of USD 2,040 per Mt for black pepper and USD 3,926 per Mt for white pepper. Malaysia black and white pepper continued to be traded stable and unchanged. Furthermore, Viet Nam black pepper 500 g/l, 550 g/l and Viet Nam white pepper were reported stable and unchanged averaging at USD 2,250 per Mt, USD 2,315 per Mt and USD 3,400 per Mt respectively. China reported a stable international trade for its white pepper with an average of USD 4,795 per Mt.






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In India, Black pepper prices lowest in a decade

https://economictimes.indiatimes.com/markets/commodities/news/black-pepper-prices-lowest-in-a-decade/articleshow/71799047.cms

By PK Krishnakumar

Kochi: Oversupply in the global market and rising imports have pushed Indian black pepper prices to the lowest in a decade.

The prices have dipped below Rs 300 per kg. “When we take the produce to the market, we get only Rs 280 per kg,’’ said a grower, Rajendra Prasad, based in Idukki in Kerala.

When the harvest of the new crop begins in December, the prices are expected to fall further. “We will not be surprised if the prices touch Rs 200 next year,’’ Prasad said.
Burdened by high wages and declining productivity, the growers have already started moving to other crops that give better prices like cardamom.Prasad has started growing cardamom in parts of his 10-acre pepper plantation. “Against 5 kg earlier, I am getting 2 kg from a pepper vine. Though cardamom productivity will be 70 per cent of that from regular growing areas in Idukki, it offers better remuneration.’’ Cardamom is priced around Rs 2,500 per kg.

Though cardamom productivity will be 70 per cent of that from regular growing areas in Idukki, it offers better remuneration.’’ Cardamom is priced around Rs 2,500 per kg.

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The black pepper production in India has been stagnating between 50,000 to 60,000 tonnes in the past few years with Karnataka being the top producer followed by Kerala. Last year, heavy rains and flood led to poor output in Kerala and parts of Karnataka.

Even at this level, Indian pepper has the highest price in the global market. Pepper from major producer like Vietnam, Brazil and Indonesia are priced in the range of Rs 150 to 160 per kg while Malaysian pepper is available for around Rs 250 per kg .

As a result, there has been rising import of pepper to India flouting the minimum import price fixed by India atRs 500 per kg.

“Lots of pepper are reaching Indian shores via Mumbai, Chennai and Tuticorin ports. It is easy for the sellers to make an invoice of Rs 500 per kg to convince the Customs here,” said Jojan Malayil, CEO of Bafna Enterprises, an exporter.
This is happening despite an import duty of over 50 per cent for Asean countries. “Till October, Vietnam has exported 2.48 lakh tonnes of which includes pepper imported by the country from Indonesia and Brazil,” Malayil said.

The International Pepper Community, the inter-governmental organisation of pepper producing countries, is likely to come out with global production estimate for 2020 next month. “It will be a surplus with good carryover from the current year which will keep the prices subdued,” said Rajiv Palicha, chairman, All India Spices Exporters Forum.




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Brazilian Pepper Exports 2019

From the IPC 3rd Quarterly Report:

Shipments from Brazil to top 5 Destinations Jan - Aug 2019

1 Germany 6,314 Ton

2 Viet Nam 5,977 Ton

3 United States of America 5,310 Ton

4 Morocco 4,387 Ton

5 Egypt 3,352 Ton

Quality levels from Brazil seem to have improved significantly over the past few years

Be it B2, B1 or ASTA etc. Customers reported globally that cargo from Brazil has bolder berries, cleanercargo and higher density.
This has helped uplift the image of the origin. This has certainly helped theorigin to get far better market access.










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INDIA: Pepper growers expect a good crop this year despite weather woes

V Sajeev Kumar Kochi Published on October 14, 2019

Changes in weather pattern have not dampened the hopes of pepper growers in getting better yields this season. They say that production for the 2019-20 crop season would be in the range of 50,000-55,000 tonnes. Last year’s estimated projection was 48,000 tonnes, but the final figure touched 52,000 tonnes.

“We were expecting a good crop in 2019-20 at more than 60,000 tonnes in the wake of growth spike during November and December in the previous year. However, drought-like conditions in March and April, followed by heavy rain and floods, shattered our expectations,” said Kishore Shamji of Kochi-based Kishor Spices.

He also differed with the projections made by the International Pepper Community for the 2019-20 crop season at 47,000 tonnes, saying that the figure could be higher at between 50,000 tonnes and 55,000 tonnes, almost at the same level as last year.

KK Vishwanath, Coordinator, Consortium of Black Pepper Growers Organisation, told BusinessLine that the final figure for the 2019-20 crop season would be available in a month, when the consultative meeting of the Spices Board with all stakeholders to decide on the crop estimate for 2020 is scheduled. “The production figure is likely to be flat this year, but there will be price variations for the crop,” he said.

Official sources said that the Spices Board is awaiting the figure for the 2019-20 crop from the Directorate of Arecanut and Spices Development, Kozhikode, and the report would be placed before the meeting of the Pepper Task Force scheduled to be held in October-end or November first week. In the 2018-19 season, according to DASD figures, black pepper production was around 62,400 tonnes spread over 1.38 lakh hectares.

Rajiv Palicha, Chairman, All India Spices Exporters Forum, said that the overall production in the domestic market this year is likely to be lower due to changes in weather pattern; it may range between 52,000 tonnes and 55,000 tonnes. “It is too early to say anything about the 2020 crop. We may be in a position to get a final figure by November or December,” Palicha said. Referring to rising pepper imports, he said, “We need it for value addition and the prices are also lower.”


According to Shamji, production both in Kerala and Karnataka last year had suffered due to the heavy rain, floods and landslides that destroyed many standing pepper vines.

Domestic prices are currently hovering around R$300-325 a kg, while the price in Sri Lanka is around R$200/kg ($2,800/tonne). This has forced exporters to look at imports rather than depend on the domestic market.
Quoting figures of August, Shamji said India is the second-largest importer of Vietnamese pepper, after the US, shipping in 16,600 tonnes, compared to 35,000 tonnes by the US.

If Sri Lankan pepper imports continue without any restrictions being imposed by the government, he anticipates a further decline in domestic prices, to R$250 per kg.

Even the minimum import price of R$500 per kg imposed by the government to restrict imports and save the domestic pepper growers has not yielded the desired result, as large volume of Vietnamese black pepper routed through Sri Lanka under SAFTA continues to reach Indian shores, flouting all rules, he alleged.

Published on October 14, 2019
https://www.thehindubusinessline.com/economy/agri-business/pepper-growers-expect-a-good-crop-this-year-despite-weather-woes/article29680611.ece






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IPC MARKET REPORT No. 40/19, 30 September - 4 October 2019

LOCAL MARKETS
Market this week showed mixed response with Indonesia recorded the lowest deficit for its black pepper. In local market, Malabar black pepper was reported stable averaging at USD 4,565 per Mt. Indonesia black pepper was reported to be traded negatively and was reported with the lowest ever prices in recent years. Recording a 10% deficit as opposed to the previous week at an average of USD 1,622 per Mt. The significant decrease in price of black pepper in Indonesia was as result of harvest period currently in full swing which flooded the market with product. Thus, pressuring the price in the local currency to an average of IDR 23,000 per Kg from IDR 25,500 per Kg in the previous week. Indonesia white pepper was reported with a 1% deficit when compared to the previous week averaging at USD 3,279 per Mt. Malaysian black and white pepper were reported with a 1% deficit as compared to the previous week at an average of USD 2,002 per Mt for black pepper and USD 3,516 per Mt for white peppe r. Furthermore, Viet Nam black and white pepper were reported with a decrease by 2% as compared to the previous week averaging at USD 1,726 per Mt for black pepper and USD 2,625 per Mt for white pepper. Sri Lanka black pepper was reported with a 1% increase as compared to the previous week at an average of USD 2,398 per Mt.

INTERNATIONAL MARKETS
In international market, the trend also showed mixed response as only Viet Nam reported an increase. FOB price of India black pepper was reported steady at an average of USD 4,847 per Mt. Indonesia black pepper was reported with a 9% deficit as compared to the previous week at an average of USD 2,018 per Mt. Whilst, Indonesia white pepper was reported with a 1% deficit when compared with the previous week at an average of USD 3,885 per Mt. Malaysia black and white pepper continued to be traded stable and unchanged. Furthermore, Viet Nam black pepper 500 g/l, 550 g/l and Viet Nam white pepper were reported with an increase by 1% respectively as opposed to the previous week averaging at USD 2,218 per Mt, USD 2,283 per Mt and USD 3,368 per Mt respectively.

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IPC MARKET REPORT No. 39/19, 23 September - 27 September 2019

LOCAL MARKET

Market this week showed mixed response as only India with an increase. In local market, Malabar black pepper was reported with an increase by 1% as compared to the previous week averaging at USD 4,582 per Mt. Indonesia black and white pepper were reported to be traded stable with an average of USD 1,804 per Mt and USD 3,325 per Mt respectively.
Malaysian black and white pepper were reported with a 1% deficit as compared to the previous week at an average of USD 2,025 per Mt for black pepper and USD 3,550 per Mt for white pepper.
Furthermore, Viet Nam black and white pepper were also reported with a decrease by 1% and 6% respectively as compared to the previous week averaging at USD 1,765 per Mt for black pepper and USD 2,669 per Mt for white pepper. The significant decrease in price of white pepper in Viet Nam was contributed to the decreasing in average price of Viet Nam white pepper in the local currency with an average of VND 63,500 per Kg from VND 67,500 per Kg in the previous we ek or a decrease by VND 4,000 per Kg.
Sri Lanka black pepper was reported with a 1% deficit as compared to the previous week at an average of USD 2,377 per Mt. Whilst,
China white pepper was reported to be traded with an average of USD 4,645 per Mt.


INTERNATIONAL MARKET
In international market, FOB prices of most origin were reported stable with only India reported an increase.
FOB price of India black pepper was reported with the same 1% increase as compared to the previous week at an average of USD 4,864 per Mt.
Indonesia black and white pepper were reported steady averaging at USD 2,227 per Mt for black pepper and USD 3,938 per Mt for white pepper.
Malaysia black and white pepper continued to be traded stable and unchanged.
Furthermore, Viet Nam black pepper 500 g/l, 550 g/l and Viet Nam white pepper were also reported stable.
China traded its white pepper in the international level with an average of USD 4,845 per Mt. 








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IPC MKT REPORT 34/19, 19 August - 23 August 2019

Local Market

Market this week showed mixed response with a rather stable outlook as only Malaysia recorded deficit. In local market, Malabar black pepper was reported stable with an average of USD 4,692 per Mt. Indonesia black pepper was also reported steady with an average of USD 1,896 per Mt. Whilst, Indonesia white pepper was reported with an increase of 1% as compared with the previous week, averaging at USD 3,406 per Mt. In local currency, Muntok white pepper was traded with an average of IDR 48,500 per Kg increasing marginally by IDR 500 per Kg. This week, Malaysian black and white pepper was reported with a decrease by 3% and 1% respectively as opposed to the previous week averaging at USD 2,267 per Mt for black pepper and USD 3,840 per Mt for white pepper.
Viet Nam black and white pepper were reported stable and unchanged.
Sri Lanka black pepper reported with an increase by 1% as compared to the previous week averaging at USD 2,509 per Mt while China white pepper was reported stable with an average of USD 4,795 per Mt.

International Market
In international market, FOB price of India black pepper was reported steady with an average of USD 4,971 per Mt.
Indonesia black pepper was reported stable and unchanged. Whilst, Indonesia white pepper was traded with 1% increase as compared to the previous week with an average of USD 4,026 per Mt. Contrary to the farm gate price, Malaysia FOB prices for black and white pepper continued stable and unchanged. Furthermore, Viet Nam black pepper 500 g/l, 550 g/l and Viet Nam white pepper were reported stable averaging at USD 2,270 per Mt, USD 2,335 per Mt and USD 3,420 per Mt respectively.
China white pepper was also reported stable and unchanged averaging at USD 4,995 per Mt.

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IPC MARKET REPORT 33/19, 12 August - 16 August 2019

Local Market
Market this week showed mixed response with a rather negative outlook.
In local market, Malabar black pepper was traded with 2% deficit as compared to the previous week with an average of USD 4,679 per Mt.
Indonesia black pepper was reported steady with an average of USD 1,894 per Mt. Following the arrival of new crop, Indonesia white pepper was reported with a slight 1% deficit as opposed to the previous week averaging at USD 3,366 per Mt. In local currency, Muntok white pepper was traded with an average of IDR 48,000 per Kg
Malaysian black and white pepper were reported stable with an average of USD 2,340 per Mt for black pepper and USD 3,860 per Mt for white pepper.
Viet Nam black and white pepper were also reported stable and unchanged.
Following the end of harverst season both in Sri Lanka and China, Sri Lanka black pepper and China white pepper were traded with the same 2% deficit as compared with the previous week with an average of USD 2,493 per Mt and USD 4,790 per Mt respec tively.

International market
In international market, FOB price of India black pepper was reported with the same 2% deficit as compared to the previous week at an average of USD 4,960 per Mt.
Indonesia black pepper was reported stable and unchanged. Whilst Indonesia white pepper was traded with 1% deficit as compared to the previous week with an average of USD 3,982 per Mt.
Malaysia black and white pepper continued stable and unchanged.
Furthermore, Viet Nam black pepper 500 g/l, 550 g/l and Viet Nam white pepper were reported with an increase by 1% as compared to the previous week averaging at USD 2,265 per Mt, USD 2,330 per Mt and USD 3,415 per Mt respectively.
China white pepper was traded internationally with 2% deficit as opposed to the previous week at an average of USD 4,990 per Mt. The decrease in price of China white pepper aside from the effect of harvest season, it was also contributed by the slight weakening of Chinese Yuan against US Dollar.



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IPC MKT REPORT No. 27/19, 1 July - 5 July 2019

MARKET REPORT
Market in the first week of July 2019 showed mixed response albeit slightly negative.
In local market, Malabar black pepper was traded with a 2% deficit as compared to the previous week with an average of USD 4,879 per Mt.
India black pepper price in local currency was reported at INR 336 per Kg on Thursday.
Indonesia black pepper was reported stable, whilts Indonesia white pepper was reported to be traded with a deficit by 1% as compared to the previous week. Averaging at USD 2,052 per Mt for black pepper and USD 3,431 per Mt for white pepper. Indonesian black and white pepper in local currency were traded at an average of IDR 29,000 per Kg and IDR 48,500 per Kg respectively.
Malaysian black and white pepper was reported stable and relatively unchanged as compared to the previous week, averaging at USD 2,475 per Mt for black pepper and USD 3,908 per Mt for white pepper.
Viet Nam black pepper was reported to be traded with a slight 1% deficit as compared to the previous week, averagi ng at USD 1,945 per Mt, whilst Viet Nam white pepper reported unchanged.
Sri Lanka black pepper continued to be traded negatively and was reported with the lowest ever prices in recent years. Recording a 5% deficit as opposed to the previous week at an average of USD 2,681 per Mt. China white pepper followed the negative trend and was traded with a 2% deficit.

In international market, FOB price of India black pepper was reported with slight deficit of 1% as compared to the previous week at an average of USD 5,169 per Mt.
Indonesia black pepper was reported stable with an average of USD 2,509 per Mt whilst Indonesia white pepper was reported to be traded with a 1% deficit as compared to the previous week.
Malaysia black and white pepper were reported unchanged, averaging at USD 3,685 per Mt and USD 5,275 per Mt respectively.
Furthermore, Viet Nam black pepper 500 g/l, 550 g/l and Viet Nam white pepper were reported with a 1% deficit as opposed to the previous week with an average USD 2,315 per Mt, USD 2,380 per Mt and USD 3,465 per Mt respectively.
China white pepper was reported with a 2% deficit as opposed to the previous week at an average USD 4,921 per Mt in the international market.
US market was reported stable and unchanged with Muntok spot price being reported at USD 5,072 per Mt. 

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PEPPER - SWEET MEMORIES

Weekly Highlights
2009-08-10

Remember last monday ?

"2009-08-04
Market in Brazil today was extremely firm with enquiries poppin in and some trades done reported at 2,550 fob for ASTA."

Well, today Brazil sold reportedly BASTA to US at $ 2,960 pmt And US roported also purchase from Indonesia at $ 2,900 pmt FOB
Other price indications were reported as Vietnam 500 gl up tp $ 2,750 and 550gl up to $ 2,880. Brazil was asking $ 2,750 for B2 and $ 2,850 for B1 while India was said to reach the level of $ 3,300 for MG1. Non-stop breathless climb. Acording some american observers it seems that buyers are supporting this move upwards by purchasing even as quietly as possible some quantities needed for coverage. If this is true it might be considered that the pace is consolidated. For that purpose we publish a note today, about an European report.

Coming back to last monday: $ 400 pmt in one week ! - not a bad deal.

Sweet memories...

J La Rive discuss teh article "Pepper ends the day extremely firm"

Please find below some comments on selected points of the article Pepper ends the day extremely firm published below

ARTICLE: Pepper ends the day extremely firm here in India with prices soaring to a 12 month high.
COMMENT: Yes True

A - Markets moving on bullish fundamentals and higher outside support, spill over strength from other commodities apparently lending very good support.
C - Market moving only on speculative buying in the Ncdex and there is virtually no internal or external buying support. Spill over from other commodities yes because the platform is designed as a casino.

A - The charge in pepper is led by the lack of sellers on the spot market which continues to spiral on the back of very firm future deliveries and very good buying interest.
C - There are sellers in spot market and takers are very few other than investors who are buying spot and selling future deliveries at a killing differnce from spot to future sept deliveries.

A - Prices on the future deliveries hit the 3 % circuit and closed at the day’s high.
Tight supply conditions continue for spot pepper which is being sought after by domestic traders in particular.
C - There is Plenty supply now as the prices have moved up and it will continue for some more time as many traders and stockists who were caught with inventories between inr 135-140 last year are coming out to get rid of the stocks and convert into Cash

A - Lower volumes in trade hitting the spot scene with most traders not excited with the rise in prices, since much of pepper has already been out of their hands as of now.
Higher markets from other origins act as a spark to fuel the upward surge
C - For how long ? as speculators wont pick up physical deliveries and next week itself we will see a big sell off and prices dropping like 9 pins

A - Indian MG I ASTA grade parity at $ 3100 / 3125 PMT FOB Cochin
C - But who cares indian parity ??

Rgds

La Rive