May 3: The black pepper prices continued to move further southward as the arrival of fresh stocks started flooding the market. During the week ended April 30, the spot pepper lost another Rs 100 to close at Rs 2,120 per quintal.Dealers said that the prices are likely to soften further in the coming weeks. They feel that spot pepper prices are likely to be bottomed out at the range of Rs 2.100 per quintal.
"That is the right price for spot pepper. It is unlikely that the prices go further down from that psychological level". a dealer said.
He said the market is currently in the hands of sellers and the traders are resorting to restrictive purchases expecting the price to slid further.
The demand for futures however, revealed a mixed trend.
While May futures, due to be closed within a fortnight, has firmed up slightly on export cover all others softened to the tune of Rs 300 to Rs 500 range.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
