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Pepper continued to stay hot breaking the record every day on the spot and futures markets.
Export prices also appear to touch $10,000 a tonne given the current trend, market sources told Business Line.
Expressing fear about the chances of “unscrupulous imports from neighbouring countries and other sources in South-East Asia”, they said that imports could take place by under invoicing heavily and paying 60 per cent duty.
Besides, they alleged that material now being imported duty free for value-addition and re-export could also slip into the domestic market lured by the very high domestic prices and because of the long rope available for value addition and re export.
Given this tight supply situation the trade suggested that it is high time for the Spices Board and the FSSAI authorities to initiate steps to clear the estimated 6,000 tonnes of pepper held in the warehouses.
There was neither any arrival nor any trading on Friday for want of sellers. April and May contracts on the NMCE increased by ₹1,712 and ₹840 respectively to ₹58,774 and ₹57,208 a quintal.On the IPSTA, all the active contracts closed ₹1,000 a quintal above the previous day’s closing.
The demand was so strong that the Rajkumari (Idukki) variety high bulk density pepper was traded at ₹600 a kg today.
Spot prices shot up by ₹1,500 breaking yesterday’s record to hit ₹55,000 (ungarbled) and ₹57,000 (garbled) a quintal.
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