Pepper Farmers Sell Stocks To Settle Gold Loans
Commodities
A section of pepper farmers are seen liquidating their stock to ensure a cash flow following the directive from PSU banks to settle gold loans.
According to Kishore Shamji of Kishor Spices, banks are forcing farmers who availed gold loans at a concessional interest rate of 4 per cent to clear outstanding dues. Earlier, the closing date of these loans was in March, which was later extended to April 30 and then to May 31 in the wake of Covid-19 situation. The farmers are now waiting for the outcome of the meeting between the Finance Minister and heads of nationalised banks for a favourable decision, he said.
Meanwhile, the pepper market in Kochi continues to remain steady in the last few days at ₹310 for ungarbled, as buyers are hesitant to purchase at higher rates, while sellers are not ready to liquidate at discount prices. The off-take on Monday was 15 tonnes and the complete lockdown imposed in Kerala on Sunday's hit pepper arrivals. Those who managed to load the stock on Monday morning could able to bring the commodity to the terminal market, Shamji said.
The demand from manufacturers of spice powders and mixtures is continuing. Leading manufacturers who are in red zones are awaiting the outcome of the meeting between the Prime Minister and state chief ministers, Shamji said.
The demand from Bihar and Jharkhand are continuing, which is mainly fulfilled by Karnataka pepper. However, farmers move to en-cash the produce will be a major point to decide on how prices will remain in the coming weeks as well as the demand from major industry players, he added.
Published on
May 11, 2020
A section of pepper farmers are seen liquidating their stock to ensure a cash flow following the directive from PSU banks to settle gold loans.
According to Kishore Shamji of Kishor Spices, banks are forcing farmers who availed gold loans at a concessional interest rate of 4 per cent to clear outstanding dues. Earlier, the closing date of these loans was in March, which was later extended to April 30 and then to May 31 in the wake of Covid-19 situation. The farmers are now waiting for the outcome of the meeting between the Finance Minister and heads of nationalised banks for a favourable decision, he said.
Meanwhile, the pepper market in Kochi continues to remain steady in the last few days at ₹310 for ungarbled, as buyers are hesitant to purchase at higher rates, while sellers are not ready to liquidate at discount prices. The off-take on Monday was 15 tonnes and the complete lockdown imposed in Kerala on Sunday's hit pepper arrivals. Those who managed to load the stock on Monday morning could able to bring the commodity to the terminal market, Shamji said.
The demand from manufacturers of spice powders and mixtures is continuing. Leading manufacturers who are in red zones are awaiting the outcome of the meeting between the Prime Minister and state chief ministers, Shamji said.
The demand from Bihar and Jharkhand are continuing, which is mainly fulfilled by Karnataka pepper. However, farmers move to en-cash the produce will be a major point to decide on how prices will remain in the coming weeks as well as the demand from major industry players, he added.
Published on
USAA And The Valero Texas Open Join Forces To Honor Military Heroes
Service Members and Veterans to Receive Exclusive Benefits and Complimentary Access Read more
USAA Stands Strong Amid Wildfire Losses, With More Than $1 Billion In Member Payments
Feb 05 2025 SAN ANTONIO, TX – February 5, 2025 – USAA, a leading financial services p... Read more
USAA Bank Board Appoints Michael Moran As Bank President
Jan 30 2025 San Antonio, TX – January 30, 2025 – Today, USAA Bank Board of Directors a... Read more
USAA Announces Juan C. Andrade As President And Chief Executive Officer
Global, Industry Leader and Public Servant Committed to Serving USAA, the Military Community and Their Families Read more
USAA Extends Sponsorship Of The Army-Navy Game Through 2030
Ahead of the 125th matchup of Army and Navy, USAA Continues Commitment to Academies Read more
Military Community Shows Financial Resilience, Growing Savings By 19% And Cutting Credit Card Balances By 23% Over Last Five Years, New USAA Bank Data Shows
USAA’s Military Financial Wellbeing Index highlights the impact of pandemic-era trends and inflation on service member... Read more