The Hindu Business Line : Pepper stays firm

SPOT pepper prices remained firm at Rs 7,400 for MG 1 garbled and Rs 7,000 per quintal for ungarbled while the prices for long-term positions showed an upward trend.

July deliveries were sold at Rs 7,450 per quintal as against Rs 7,500 last Satuday. August Rs 7,750 (Rs 7,700), September Rs 7,860 (Rs 7,720), October Rs 8,135 (Rs 7,960), November Rs 8,025 (Rs 7,810) and December Rs 8,025 (Rs 7,770).

Some buying had taken place. Indian exporters offered at $1,425 per tonne against the parity at $1,525 per tonne. Under the regulated futures market, IPSTA quality pepper was sold at $1,425 a tonne, Mr Kishore Shamji, President India Pepper and Spice Trade Association (IPSTA) told Business Line on Saturday. He said Indonesia was reportedly not selling beyond August as the exporters there felt that it had sold enough already.

According to him there were enquiries for September, October and November. As a result, futures deliveries were going up. However, international players in the US hoped Brazil to sell its pepper at $1,200 a tonne.

Hedgers were buying spot pepper at Rs 7,000-7,200 and selling futures in October, the highest price prevailing among the futures. Speculators were also buying October expecting that the market would go up. These factors had kept prices firm.

However, demand from the domestic market was virtually nil as the inventories were full with imported pepper.

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