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Upsurge in arrivals coupled with pressure of imports has hammered down spot pepper on Wednesday. New pepper has started trickling in from the growing regions in Karnataka while harvesting has reached its peak in Kerala's Wayanad and Idukki districts.
Added to this is the availability of imported pepper at ₹370 a kg in the upcountry markets allegedly on cash and carry terms an evading GST, market sources told Business Line .
As a result, the spot prices fell sharply today by ₹500 a quintal to close at ₹38,100 (ungarbled) and ₹40,100 (garbled) a quintal.
On the terminal market 27 tonnes arrived. High range pepper was traded at ₹380 a kg while pepper from the plains went for ₹370 a kg. Indian export prices were at $6,400 a tonne c&f for Europe and $6,650 a tonne c&f for the US.
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