Non-availability amid strong demand drove spot pepper prices to a new record on Thursday. Prices, on both the national and regional exchange, increased substantially. Cash and carry sales have stopped both in Karnataka and Kerala due to elections. Buyers are running around for the material but there are no sellers. Sellers have withdrawn from a rising market, market sources told Business Line . Some of the primary market dealers in Idukki said that Tamil Nadu based dealers have bought at ₹560 a kg, while some trading in small quantity has taken place for ₹550 a kg, they said.

On the NMCE, April contracts increased by ₹1,676 a quintal to ₹57,526 a quintal. May contract was not traded. On the IPSTA, April and May contracts went up by ₹1,000 each to ₹55,342 and ₹55,292. On the spot, there was neither any arrival nor any offtake, they said. Spot prices shot up by ₹1,000 to ₹53,500 (ungarbled) and ₹55,500 (garbled) on demand amidst tight supply.

Export prices rose to above $9,500 a tonne c&f Europe and $9,750 a tonne c&f US.

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