Pepper markets have been on the move during the week. Though USA market has remained reasonably quiet, Europe, MidEast and Asian markets were more active. Vietnam with solid exports to date remains very firm and continues to move upward with the constant demand. Indonesia has moved up as well as the attempt to push the market down prior to is not working at the moment. There is too much support from certain directions willing to buy pepper at the prevailing prices. As mentioned before, the decks are being cleared for newcrop with ready buyers for the old stocks.
The crop looks to be on target with mid-July heavy harvesting. India trading on the exchanges has become more active with spot/physicals still being held back. A limited amount of nearby export business has taken place at the prevailing levels. As it seems that a trend or direction is being established, we feel that the more reluctant buyers shall enter the market and not wait for newcrop Lampong. Brasil remains steady without much pressure. Locally the market in moving upwards in concert with the candf prices. White pepper in Vietnam creeping upwards as well. We expect the black prices to pull up the white prices very shortly.