Reports of release of imported pepper consignments by the authorities in Mumbai have resulted in liquidation of the commodity leading to heavy decline in futures prices on the national exchanges.
Under its negative influence the spot prices also fell further on Thursday, market sources told Business Line . On the terminal market 11 tonnes were traded today.
Three tonnes of high range pepper were traded at ₹420 a kg while 8 tonnes imported mixture were traded at ₹390-400 a kg, they said. Spot prices fell by ₹300 a quintal to close at ₹41,500 (ungarbled) and ₹43,500 (garbled) a quintal. Indian export prices were at $6,950 a tonne c&f for Europe and $7,200 a tonne c&f for the US.