The Hindu Business Line : Pepper arrivals dry up on Marketfed buys

PEPPER arrivals at the terminal market here have almost dried up as the procurement of the commodity by the Kerala Government agency, State Cooperative Marketing Federaion (Marketfed), as a market intervention exercise has started yielding results.

According to Marketfed sources, it has so far procured around 400 tonnes at Rs 75 a kg from all the pepper-growing districts. Total arrivals at the terminal market during the week were around two tonnes, India Pepper and Spice Trade Association (IPSTA) sources said.

Some exporters who had committed at low prices earlier anticipating a sharp fall in prices were buying now, they said.

They said Brazil was offering at $1,350-1,375 a tonne, while Indonesia, which is said to be holding Vietnam pepper, was quoting $1,400 a tonne. Whereas, the Indian parity is still at $1,575 a tonne.

Spot and futures rates showed improvement on Friday. Un-garbled was sold at Rs 5,000 to Rs 6,000 a quintal as against Rs 4,900 - Rs 5,900 a quintal at the start of the week. MG 1 was sold on Thursday at Rs 6,500 a tonne compared with Rs 6,400.

The prices quoted for future contracts were: Mar: Rs 6,489 (Rs 6,363), Apr: Rs 6,861 (Rs 6,671), May: Rs 6,795 (Rs 6,608) and June: Rs 7,248 (Rs 7,048).

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