Imports drag down pepper

Imports of pepper at lower rates, inspite of the MIP of ₹500 a kg in force, have pulled the pepper prices further down on Friday. Quoting Customs sources, the trade told BusinessLine that nearly 2,000 tonnes of pepper have been imported in January from Sri Lanka and Vietnam at lower invoice prices but by paying the customs duty at 8 per cent (₹40/a kg) for the MIP of ₹500. This phenomenon aided the prices to decline further. Spot prices slipped by ₹100 a quintal to ₹38,500 (ungarbled) and ₹40,500 (garbled). Export prices were at $6,475 a tonne c&f for Europe and $6,725 for the US.