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Pepper prices fell on fears of increased availability in the coming days when the harvesting reaches its full swing coupled with the release of around 6,400 tonnes of pepper held in the warehouses.
Vietnam has started offering 500 GL FAQ pepper January/February first half shipments, before the Chinese New Year holidays, at $8.750 a tonne. Straight January shipments have been offered at $8,800-8,900.
On the spot, 16 tonnes of pepper arrived and that were traded. As the weather conditions continued to remain cloudy in the growing regions no harvesting is taking place, traders said.
Anticipating increased supply, the spot prices were down ₹300 a quintal to ₹66,700 (ungarbled) and ₹69,700 (garbled). Export prices have also declined due to a weaker rupee to $11,350 a tonne cf for Europe and $11,600 for the US.
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