Lunar holidays hit global pepper markets

HANOI (Commodity Online) : Lunar New Year holidays in East and southeast Asia hit markets across the region, especially commodity markets.
The pepper market is the most affected as Vietnam and China, two major players went on a long vacation. Traders are not in the market and most offices were closed.
In Malaysia too traders were also busy with the celebration. Although prices were reported unchanged at those origins, but trading was very limited. It is expected that market will be changing by third week of this month.
In India, local price increased during the week from Rs 21,300 per 100 kg to Rs 21,700 at the week's close. On an average, the prices were relatively stable both for local as well as fob. Marginal decrease was recorded for futures prices at the Commodity Exchange. In Sri Lanka, the price was also stable.
Market was very firm in Brazil during last week with several contracts negotiated at average 4,900 - 4,950 pmt FOB. It is previewed a shipment congestion because of the commitments but also due to problems with Egyptian ports. Many exporters now are offering only for April shipments and freight rates might change by that time as already advised by the shipping companies.
Next crop in Brazil - a small one, from Espirito Santo is expected for June and until than stocks are reduced with some growers and exporters holding merchandise hoping for even higher prices.
The market for white pepper  was quiet. Any change is expected only after the Chinese new year holidays. White pepper prices were unchanged during the week.

(Source: http://www.commodityonline.com/news/Lunar-holidays-hit-global-pepper-markets-36268-3-1.html)