Looking at the free fall in the futures markets on Monday, those who were holding stocks started liquidating and that in turn pulled the spot prices of pepper down sharply. On the terminal market 12 tonnes of high-range pepper were traded at ₹480 a kg. Spot prices fell by ₹400 a quintal to close at ₹47,400 (ungarbled) and ₹49,400 (garbled) a quintal. Indian export prices declined to $7,925 a tonne c&f for Europe and $8,175 a tonne c&f for the United States.