Pepper prices turned cold on slack demand and limited activities. Spot prices slipped marginally, while the January and February contracts on the national exchange fell.

On the spot, there were no arrivals as holiday mood still prevailed in primary markets. Growers are also still holidaying, market sources said. Small lots of new pepper arrived with low bulk density and hence, buyers offered Rs 480 a kg. But sellers sought for Rs 485-490, they said.

Overseas markets are also still closed. However, there were reports of continued offers from Vietnam at lower levels which some in the trade here claimed are aimed at spreading a bearish propaganda, market sources told Business Line . In the domestic market, investors are selling pepper released from the warehouses at Rs 535-540 delivered at Mumbai under “H” form. Locally, it was being offered at Rs 520 but buyers were ready to pay only Rs 510 .

Karnataka dealers, who are holding old pepper stocks, were offering small lots at Rs 535 delivered anywhere in the country on cash-and-carry basis. Upcountry demand is yet to pick up. On the NMCE, January and February contracts decreased by Rs 357 and Rs 200 respectively to Rs 52,800 and Rs 53,200 a quintal. Turnover dropped by eight tonnes to 11 tonnes while net open position moved up by one tonne to 23 tonnes.

On the IPSTA, January and February contracts remained unchanged at Rs 53,000 and Rs 52,029 respectively. Spot prices decreased by Rs 100 to Rs 50,100 (ungarbled) and Rs 52,100 (garbled) . Export prices were at $8,800 cf for Europe and $9,050 a tonne cf for the US.

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