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Pepper prices continued their downward spiral on increased selling of imported material at lower rates. There was, in fact, no selling pressure either from growers or from primary market dealers for indigenous material, market sources told Business Line . Inter-State dealers and resellers, who have got pepper imported from Sri Lanka, were on a selling spree, they said.
They alleged that the material being sold is of inferior quality and that in turn has been pushing down the spot prices here. The fear that the 6,000 tonnes of pepper held in the warehouses would be released soon has also accelerated sale of this material, they said. The trade apprehends that the release of a huge volume might lead to a crash in the market, they said.
Spot prices fell by ₹400 a quintal to ₹67,800 (ungarbled) and ₹70,800 (garbled). Export prices were at $12,100 a tonne (c&f) for the Europe and $12,350 for the US.
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