Amidst the sweltering summer heat in South India, encompassing states like Kerala and Karnataka, the strength of pepper stands firm. Despite sluggish trading and higher import prices, the prospects of black pepper may be confined to a narrow range in the coming days.
Monsoon is near
The sultry pre-monsoon weather currently envelopes South Indian states like Kerala, Karnataka, and Tamil Nadu. Typically, the monsoon arrives on the coasts of Kerala by June 1, but this year the Meteorological Department predicts its arrival on June 4. The prevailing heat has led to sluggish activities in the markets, including pepper trade, in Kerala and Karnataka. However, reports suggest that pepper remains strong due to relatively higher import rates. Talking about prices, black pepper saw a northward journey in the charts in May.
The ongoing new crop of black pepper in Kerala has persisted for the past five to six months. Despite this, it remains in small quantities at major shops like Kochi. Moreover, the number of deals for export pepper in the shops is considerably low, as buyers prefer procuring directly from farmers. Adverse weather conditions in central producing states like Karnataka and Kerala had resulted in tighter supplies than usual, but now the heat is causing a shift.
Traders express concerns that creating normal pressure for the arrival of the new crop in major shops is becoming increasingly difficult. Speculations have arisen regarding a potential 20 percent decline in black pepper production in Kerala this season. Additionally, imports of this essential grocery commodity from Vietnam and Sri Lanka are also in progress.
In recent years, direct trading for various commodities, including pepper, has increased in Kerala. Consequently, activities in multiple shops across the state have remained sluggish. Black pepper is expected to tread a narrow range in the days to come, navigating the challenges of prevailing market conditions.
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