The Hindu Business Line : Pepper futures end higher

Kochi pepper futures, which opened on an easier tone on Wednesday compared to the closing price on Tuesday, declined on a report that Marketfed, the Kerala Government procurement agency, which had procured pepper last year, would liquidate 2,839 tonnes of black pepper.

However, the situation changed later following information that space was available in the warehouses of the NCDEX, which activated "many pet depositors" who were waiting to deposit the commodity in the warehouses for about two weeks. This pushed up the prices and the market closed at levels higher than Tuesday. The prices are likely to remain stable in the coming days, market sources said.

There has been no demand from overseas even though some "selected exporters" said to have made a competitive offer at $1,625 a tonne (c&f), they said adding this signalled that there might be some buying in the days to come.

Looking at the declining trend in Indian pepper, Vietnam has reduced its price by $25 and was offering at $1,525 a tonne. Brazil and Indonesia were offering at $1,650 and Malaysia $1,700 a tonne (all c&f).

May position was up by Rs 54 a quintal to 6,600 tonnes from 6,546 a tonne on Tuesday on NCDEX on Wednesday, while it moved up by Rs 41 to Rs 6,330 a quintal on NMCE from 6,289 a quintal. Other positions on NCDEX witnessed an increase from Rs 15 to Rs 70 a quintal.