Dealers said prices were likely to remain range-bound during the coming week. However, they said prices may go up in the long-rum. "The prices of black pepper are likely to be stable in the near future," the source said.They added,"the prices are likely to improve in the long-run." Sources said the market had already discounted the intricacies of sanctions.

Trade sources said the global market would face a shortfall in the coming two months and necessary supplies could be only from India. "India will emerge as the biggest ever supplier of pepper soon. The El Nino had taken its toll in Indonesia and Brazil, they added.

Brazil and Indonesia are the major competitors for India in the global market. There is an estimated 20-30 per cent shortfall in the production pepper in these countries.