The Hindu Business Line : Pepper futures market moves up

The Pepper Futures market continued its upward trend on reports of increase in prices in Brazil and buying by Indian shippers. Prices of all contacts at NCDEX and NMCE went up substantially. The Sep position at the former on Thursday increased by Rs 126 to close at Rs 10,625 from Rs 10,499 a quintal on Wednesday, while at the latter it moved up by Rs 149 a quintal to Rs 10,449 from Rs 10,300. The increase in other positions at NCDEX was from Rs 107 to Rs 154 a quintal, while at NMCE it was from Rs 122 to Rs 145 except for Nov, which marginally fell by Rs 3 a quintal. The total turnover at NNDEX moved up by 5,192 tonnes to close at 16,388 tonnes from 11,196 tonnes whereas at NMCE it increased by 468 tonnes to 2,680 tonnes from 2,212 tonnes. The total open interest at NCDEX stood at 22,185 tonnes compared to 22,007 tonnes while at NMCE it was at 4,124 tonnes as against 4,032 tonnes. The outstanding position for Aug and Sep was at 5,915 tonnes and 11,982 tonnes, respectively. According to market sources, Indian shippers have purchased Aug/Sep black pepper from Brazil at $1,800 Fob i.e., $2,050 - $2,100 (C&F). — Our Bureau

Brazil, has, however, raised its prices of B ASTA to $1,925 -$1,950 (fob) and that of B1 (550 gl) at $1,825 and B2 (500 gl) at $1,725 a tonne, but at this rate there are said to be no sellers. Meanwhile, in Indonesia, Lampong ASTA has shot up to $2,600 a tonne (C&F). Vietnam has raised the price of FAQ 500 GL to $2,000 a tonne. India parity is at $2,425 - 2,450 a tonne (C&F).

As Brazil has started increasing the prices there could be defaulting in the days to come, market sources pointed out.

Given this scenario, those who were buying Lampong Malabar may turn towards India, they said.

There was no domestic demand. In tandem with the upward trend in futures, spot prices also moved up by Rs 100 to close at Rs 6,700 (un-garbled) and Rs 10,100 (MG 1) a quintal on Thursday.

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