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Kochi pepper up on tight supply
Our Bureau
Kochi: Black pepper prices edged up on the Kochi pepper market amidst tight supply condition and hectic short covering by punters. The future of the domestic pepper market has been hanging fire with the only operational October contract salted to be over on October 15 leaving the traders with no option but to cover their position at higher levels.Price of the commodity saw an upward spiral of almost Rs 1,000 per quintal, one of the highest ever increase in the season, to Rs 23,350 per quintal on Friday. Traders see price to remain bullish in the coming weeks as well."The narrow options thrown open by shrinkage in forward cover and thin market arrivals have pepped the prices up considerably", a Kochi-based trader said. According to him, the output for the next season beginning January is expected to be down by over 25 per cent kindling an upward spiral in prices. "Early reports put the new crop lower at 20-25 per cent compared to last year", he said. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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