Rumours pull down spot pepper

Rumours that 2,000 tonnes of Vietnam pepper have arrived via Sri Lanka have pulled down the spot pepper prices sharply on Wednesday, market sources told Business Line . They said the rumours might be based on the fact that DGFT is likely to clear 75 applications for import of 2,500 tonnes of pepper from Sri Lanka under Indo-Sri Lanka Free Trade Agreement this week. On the terminal market 14 tonnes of pepper were traded at ₹540-550 a kg. Spot prices fell by ₹600 a quintal to close at ₹55,500 (ungarbled) and ₹58,500 (garbled) a quintal. On the IPSTA, May , June and July contracts were steady at ₹56,000, ₹55,000 and ₹55,000 a quintal. Indian export prices were at around $9,350 a tonne c&f for Europe and $9,600 a tonne c&f for the US.