Spot pepper ruled steady as demand matched supply on Wednesday. On the National Multi Commodity Exchange, March contracts dropped marginally, while on the IPSTA day traders pushing up prices indulging in speculation.
Some demand has come to the terminal market where 30 tonnes of farm-grade pepper were traded at ₹515-535 a kg. Upcountry demand was good and there were direct dispatches from everywhere. This may persist till Holi. Thereafter, the market could turn dull for about a week. Then the demand may pick up, market sources told Business Line . Some of the upcountry buyers are waiting for the arrival of Karnataka pepper which is expected to hit the markets from March 15.
On the NMCE, March contract dropped by ₹202 to ₹52,710 while April contract was not opened. Spot prices remained unchanged at previous levels of ₹51,500 (ungarbled) and ₹53,500 (garbled) a quintal. Export prices stayed at $8,700-50 c&f Europe and $8,950-9,000 a tonne c&f US.