The September contract of black pepper on the MCX rose today on reports that imports of the spice from Vietnam may be contaminated with high dose of pesticide residue. On the MCX, the September contract traded at 48,260 rupees per 100 kg, up 0.7% from the previous close. The Food Safety and Standards Authority of India has rejected the imported spice from the largest pepper-producing country, Vietnam, which may lead to a supply shortage in the domestic market. Imports of pepper from Vietnam and Sri Lanka rose sharply last month due to lower prices in these countries.
Source: Newswire
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