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Spot pepper prices fell on slack demand and limited activities while on the India Pepper and Spices Trade Association (IPSTA) platform all the six contracts opened today. In day trading, 72 tonnes were traded.
Following floods in some north Indian States coupled with availability of imported pepper in upcountry markets, demand was slack, market sources told Business Line. There were neither any arrivals nor any offtake in the spot market, they said.
At the same time, prevailing high prices are forcing small and medium industry users to switch over to other cheap materials. In addition, those who were using higher grade pepper have reduced their usage. Spot prices fell by ₹400 a quintal to ₹70,000 (ungarbled) and ₹73,000 (garbled).
Export prices also slipped to $12,400 a tonne c&f for Europe and $12,650 for the US.
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