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Pepper futures turned bearish on Wednesday as correction set in in the counter. Over the last couple of days, prices have corrected sharply on reports that the FMC has launched a probe into complaints against pepper market movement. Also, expectations of better output in the domestic and international markets pressurised prices, with farmers trying to liquidate their stocks ahead of fresh crop arrivals in January.
On the NCDEX, the spice for December delivery lost 3.3 per cent to Rs 37,775 a quintal, while the January and February series lost 3.3 and 3.1 per cent to Rs 35,080 and Rs 34,520 respectively.
In the spot market at Kochi (Kerala), pepper was quoting at Rs 39,147.6.
Domestic production of pepper in 2011-12 is expected to be the lowest in a decade, declining further by 5 per cent to 43,000 tonnes compared with 48,000 tonnes in the last year.
Overseas: Huge price parity has dented exports. According to the Spices Board, exports of pepper in April 2012 fell by 47 per cent to 1,200 tonnes (2,266 tonnes). India imported 1,848 tonnes of pepper till March 2012.
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