The Hindu Business Line : Pepper futures may fall further

Once the market stabilises, demand from overseas at lower levels is expected. At present the buyers are putting off decisions to take position, anticipating further fall in the prices once Vietnam's produce enters the market in full swing.

Arrivals in the terminal market continued to be thin last week despite full-fledged harvesting. This, according to sources, was allegedly due to pepper being moved from Idukki and Wayanad directly to Erode.

Free Trade

Meanwhile, Sri Lankan crop is also ready. Exporters in Sri Lanka were quoting 525 GL at $2,535-2,550 a tonne. Pepper from the island nation is expected to land in Indian markets from next months under Free Trade Agreement.

During the week, the pepper futures markets witnessed a drop of Rs 339 to Rs 464 a quintal, while the spot prices fell by Rs 200 a quintal.

The total turnover on NCDEX dropped by 7,335 tonnes to 6,212 tonnes on Saturday, while on NMCE it fell by 309 tonnes to 2,027 tonnes. The total open interest on NCDEX improved by 146 tonnes to 29,588 tonnes. March position was down by 150 tonnes to 7,361 tonnes, while April slipped by 22 tonnes to 11,700 tonnes.

May position increased by 201 tonnes to 6,258 tonnes. On NMCE, total open interest moved up by 97 tonnes to 5,166 tonnes, while March dropped by 180 tonnes to 2,272 tonnes.

Spot prices ruled steady at Rs 11,200 (un-garbled) and Rs 11,800 (MG 1) a quintal at Saturday close.

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