Trade sources said that the major factor that drove the prices of long term futures was the lack of enquiries from the external market. They said speculators abroad were hammering the prices expecting fresh arrival of the commodity by the turn of the year.

Meanwhile, the International Pepper and Spices Trade Association (Ipsta), which runs first international commodity exchange here is firming up plans to increase the volume of its international segment. Sources in Ipsta said that the exchange has firmed up plans including road shows at major consuming countries to popularise the venture.

Sources also said that the exchange is expecting clearance for dollar denominated trade in futures soon.