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Pepper futures, that traded on a positive note last week on the back of tight supply, almost hit the lower circuit on Monday by declining 4 per cent due to profit booking.
On the NCDEX, the spice for October delivery slid by 0.4 per cent to Rs 43,110 a quintal and November by 2.6 per cent to Rs 41,850. The December and January series slipped 4 per cent each to Rs 41,340 and Rs 39,850 respectively.
Farmers are unwilling to sell their stocks at lower levels and are holding back their produce expecting better prices. Slack demand for Indian pepper in the international markets has capped gains. However, lower carryover stocks and emerging festive demand are expected to support prices.
Pepper prices in the international market are being quoted at $8,475-8,700/tonne (c&f) while Indonesia Asta is at $6,750/tonne (fob) and Vietnam's 550GL at $6,900/tonne.
According to the Spices Board, exports of pepper in April fell by 47 per cent to 1,200 tonnes (2,266 tonnes). India imported 1,848 tonnes of pepper till March 2012.
In the spot market in Kochi (Kerala), pepper was quoted at Rs 41,925 a quintal. Arrivals in the spot market were at 120 tonnes, while offtake was 120 tonnes.
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