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Pepper markets showed a mixed trend on Friday with the spot prices declining further while the futures contacts were moving up.
Spot prices slipped on slack domestic demand. Where as, futures contracts on the IPSTA hit the ceiling as there were buyers at these rates, IPSTA sources said.
Strengthening of the rupee coupled with comparatively very low prices in other origins, especially in Vietnam and Sri Lanka, is likely to prompt more imports. Already, smuggling of Vietnam pepper and Cardamom from Guatemala is reportedly taking place via Nepal through Gorakhpur in UP, market sources told Business Line. This would negatively impact the indigenous producers, they said.
On the terminal market, 7 tonnes of pepper from the plains were traded at ₹695 a kg and they were bought by interstate dealers for despatching by VP Parcel train today, they said.
Spot prices slipped further by ₹100 a quintal to close at ₹68,700 (ungarbled) and ₹71,700 (garbled) a quintal.
October, November and December contracts on the IPSTA shot up by ₹1,000 each a quintal to close at ₹73,000, ₹67,000 and ₹64,000 respectively.
Export prices were at $11,125 a tonne c&f fro Europe and $11,375 for the US.
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