Pepper prices are on fire, rising to a new all-time high despite new supplies flooding the market since harvesting began in May. With global demand continuing to outstrip supply in the coming years, the industry expects prices to remain high for the foreseeable future. Year-to-date, the price of Kuching Grade 1 white pepper had risen RM5,400 per tonne or nearly 19% to RM34,400 a tonne yesterday, while the price of black pepper has added RM5,550 per tonne or 28% to RM25,150 a tonne. The white and black pepper finished at RM29,000 per tonne and RM19,600 per tonne respectively last year. According to Malaysian Pepper Board, the current year production is expected to top 27,000 tonnes. “It is unexpected that the prices have gone up so much.The current prices are already very high and we are not sure how far they can go,” Malaysian Pepper Board (MPB) director-general Datuk Grunsin Ayom told StarBiz yesterday. Some local dealers had anticipated prices to soften as the new crop (harvesting started in May) flooded the market that would alleviate the prolonged tight supply situation.
Posted on: Wed, 13 Aug 2014 09:15:05 +0000
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