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G.K. Nair

Market affected by 3,000 t June outstanding

Kochi , June 20

Pepper futures, which closed firm on Monday, declined on Tuesday on bull liquidation, resulting in a selling pressure at NCDEX. "It is bearish at the moment with the bulls liquidating, having no confidence in the quality," market sources told Business Line.

June delivery

However, the June contracts were sold at a discounted price - an international company with bases in Indonesia, Brazil and Vietnam has reportedly bought around 1,000 tonnes at Rs 6,350-6,550 a quintal. And yet, there was an outstanding position of around 3,000 tonnes for June contracts, which is affecting the market, they said.

The international market is steady. They claim to have offers of the new crop from Brazil for the distant positions - October, November and December - at $1,625 a tonne (c&f). But India is currently offering only nearby positions and, in fact, "we are on par with all other origins at $1,650 a tonne (c&f)," they said.

The spot prices here continued to rule steady at Rs 6,500 (un-garbled) and Rs 6,900 (MG 1) a quintal.

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