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G.K. Nair

Fall-out of liquidation of black pepper by Marketfed

Kochi , Aug. 11

Bearish sentiments prevailed in the pepper futures market, pushing down the prices on Friday.

Such a situation has emerged following the liquidation of over 200 tonnes of black pepper by the Kerala State procurement agency, Marketfed, on Thursday and on the expectation that it would sell more, market observers told Business Line.

The August contract dropped by Rs 128 a quintal on NCDEX (National Commodity & Derivatives Exchange Ltd) to close at Rs 10,370. On NMCE (National Multi-Commodity Exchange of India), it declined by Rs 148 to close at Rs 10,151.

Other positions on NCDEX except February, which moved up by Rs 22 a quintal, dropped by Rs 82 to Rs 105. Meanwhile, decline on NMCE was from Rs 10 to Rs 111 a quintal.

In the domestic market, virtually there was no demand. The spot prices ruled steady at previous levels at Rs 9,700 (un-garbled) and Rs 10,100 (MG1) a quintal on Friday.

Total turnover

The total turnover on NCDEX declined by 5,974 tonnes to 21,882 tonnes from 27,856 tonnes on Thursday, while on NMCE it dropped by 930 tonnes to 4,189 tonnes from 5,119 tonnes.

The total open interest on NCDEX stood at 24,422 tonnes as against 24,623 tonnes, while on NMCE it was at 4,391 tonnes compared with 4,252 tonnes. The outstanding position for August, September and October was 4,117 tonnes, 7,399 tonnes and 9,021 tonnes, respectively.

In the international market, Lampong Asta was being offered at $2,400 a tonne f.o.b., while Brazil was offering mainly B1 at $1,800-$1,825 a tonne f.o.b. B Asta is reportedly not being offered.

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