COMMODITY PRICE INDEX The pepper market is red hot. The price of white pepper has soared to around $10,000 a tonne, double the level of early 1997, thanks to fears of drought in Indonesia, which dominates supply. Black pepper, hovering around $5,000 a tonne, also hit records recently. This was partly due to hot weather in Vietnam, whose exports plunged to 14,000 tonnes in 1998, down over a third from 1997. But India, the world’s largest producer, could yet burst this bubble. Its output this year could top 85,000 tonnes, up from 60,000 tonnes last year. In addition, the market should become more liquid following India’s recent decision to allow dollar contracts on the Cochin pepper exchange.