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G.K. Nair

Kochi , May 4

Bearish sentiment continued to prevail in the pepper futures market on Thursday. All futures closed lower.

The buyers are waiting for the outcome of the announced auction of 2,839 tonnes of black pepper by the Kerala Government procurement agency, Marketfed, on May 5.

Some processors were buying May position from NMCE at Rs 6,250 a quintal and selling the NCDEX delivered at Rs 6,750. Some recovering was taking place when the warehouses opened yesterday, market sources told Business Line.

Export demand was much less. However, some top exporters, which are the partners of MNCs, said to have some orders.

Internationally "we are at parity and hence some overseas buying might take place," they said.

The May position at the NCDEX was down by Rs 85 a quintal to Rs 6,518 from Rs 6,603 on Wednesday, while at NMCE it dropped by Rs 62 a quintal to Rs 6,258 from Rs 6,330 yesterday.

The other positions at the NCDEX were down by Rs 36-96 a quintal. At NMCE the decline was Rs 20-56 a quintal.

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