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Fear of pepper imports seem to have gripped the spot market in Kochi with the prices registering a ₹1/kg drop on Friday.
According to Kishore Shamji of Kishor Spices, there was pressure on local dealers to sell as there were more sellers in the market with imported pepper. The emerging situation has also forced Karnataka planters to liquidate their stock on the fear of imports even at MIP of ₹500 per kg, he said.
He pointed out that such a situation arose inspite of the government imposing minimum import price restrictions and the Customs Department being given powers in the last Budget to look into the price factor even for imports from bilateral countries.
The farming community fears that their existence will be at stake if such imports continue, he said. They requested the Prime Minister, Finance and Commerce Ministers to look into the matter seriously for the various representations submitted in this regard.
IPSTA Cochin Black pepper rate (₹/kg): MG1: 326, ungarbled: 306; 500 G/L: 296 at an off-take of 26 tonnes.
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