Rise in pepper prices force sellers to hold stock

Non offering of pepper in primary markets has forced Tamil Nadu based dealers to approach the terminal market in Kochi for procurement.

As pepper prices are on the rise, the sellers in the primary markets are holding their stock on the anticipation that the rates of ungarbled variety to touch Rs350 level per kg shortly.

Meanwhile the prices in Kochi market witnessed a Rs1 increase in the average price at Rs333 per kg. The highest price was Rs340 per kg and the lowest at Rs325. The quantity traded was 26 tonnes and the entire quantity was covered by Tamil Nadu based dealers, said Kishore Shamji of Kishor Spices.

The market was little bit firmer today. However, all the consuming markets in the country have reported availability of pepper at Rs330 per kg, which is mainly coming from the Nepal border as well as imports, he said.

Garbled pepper was quoting at Rs353 per kg and new pepper was settled at Rs318 per kg.

According to market participants, the December futures remain unchanged at Rs317.90 on Wednesday. The present domestic conditions are favourable for new crop.