Spot pepper closed at Rs.33,800 a quintal here on Monday owing to poor demand from the domestic and international markets.

Export enquiries

With holidays in the U.S. and Europe, export enquiries were low and upcountry destinations such as Delhi and Kolkata are learnt to be supplied by stocks already procured from farmers in Kerala, trade sources said.

January futures closed at Rs.34,575 a quintal in keeping with spot price as traders here alleged speculators were relying on statistics to swing the market wildly.

From December 17, pepper prices have swung between a record Rs.36,000 a quintal and Monday's closing of Rs.33,800, down Rs.2,200.