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G.K. Nair

Kochi March 20 Pepper futures market on Tuesday witnessed a mixed trend with marginal decline and increase for different contracts.

However, March contract fell sharply on maturity even though there were sellers below the spot prices.

Because of the cutting nobody wanted to take delivery, market observers told Business Line.

On NCDEX, March contract dropped by Rs 302 a quintal to Rs 11,800.

All other contracts, except July and September, moved up by Re 1 to Rs 3. July and September dropped by Rs 4 and Rs 14 respectively.

On NMCE, April moved up by Rs 18 to Rs 11,940.

All other contracts, except July, moved up and the increase was from Rs 36 to Rs 388 a quintal. July dropped by Rs 46.

The total turnover on NCDEX moved up by 830 tonnes to 20,511 tonnes, while on NMCE it increased by Rs 591 to 2,018 tonnes.

Open interest down

The total open interest on NCDEX declined by 162 tonnes to 30,090 tonnes. March position dropped by 522 tonnes to 1,093 tonnes. April and May moved up by 139 tonnes and one tonne respectively to 13,969 tonnes and 8,499 tonnes.

June position also increased by 133 tonnes to 4,429 tonnes.

On NMCE, total open interest moved up by 107 tonnes to 3,523 tonnes.

April position declined by 13 tonnes to 327 tonnes while May and June position increased by 101 tonnes and two tonnes to 1,976 tonnes and 1,047 tonnes respectively.

In the international market, everybody is waiting at Vietnam anticipating that the prices would decline.

However, Indonesia and Brazil are reportedly steady. Vietnam is said to have been offering 500 GL at $2,300-$2,400 a tonne (fob).

Vietnam is reportedly concentrating on converting black to white pepper because of the low processing cost in that country and the high prices prevailing for the white pepper.

Hence, they might not have much Asta grade to offer, the market observers claimed.

Indian parity is slowing moving to the higher side with $2,950 a tonne (c&f) and it might become out-priced once selling pressure builds up in Vietnam, they said.

In the domestic market good demand is there but it is met directly from primary markets.

Selling from Kodagu region has begun.

Spot prices

Spot prices ruled steady at Rs 11,300 (un-garbled) and Rs 11,900 (MG 1) a quintal on Tuesday.

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