The Hindu Business Line : Declining trend continues in pepper

The decline in Vietnam prices is said to be for FAQ 500 GL and not for Asta grade. In fact, Indian pepper is most competitive, market sources here told Business Line.

Indian prices for Asta grade were $3,875-3,900 a tonne (c&f) for Europe and $3,975 a tonne (c&f) for the US.

Besides, hedgers who are holding stocks in the exchanges got it stuck up as the dates have expired. On the other hand, the goods sold to investors are also held up, as they are unable to deliver the goods for want of space in the warehouses. Some processors are unable to process the goods because of the cloudy weather. All these factors have also contributed to the decline in the prices.

May contract on NCDEX dropped by Rs 90 a quintal to Rs 14,733. The fall in other contracts was from Rs 31 to Rs 192 a quintal.

On NMCE, May contract declined by Rs 13 to Rs 14,400. Here contracts for August and October fell by Rs 211 and Rs 551 a quintal respectively, while June, July and September increased by Rs 22, Rs 10 and Rs 133 a quintal respectively.

Turnover dips

The total turnover on NCDEX declined by 5,914 tonnes to 20,354 tonnes, while on NMCE it dropped by 569 tonnes to 2,718 tonnes.

The total open interest on NCDEX fell by 546 tonnes to 29,617 tonnes. May, June, July positions also declined by 466 tonnes, 203 tonnes and 23 tonnes respectively to 3,940 tonnes, 18,578 tonnes and 3,624 tonnes.

On NMCE total open interest moved up by 90 tonnes to 5,006 tonnes. May position was down by 22 tonne at 1,860 tonnes, while June moved up by 120 tonnes to 2,595 tonnes.

Spot prices, also in tandem with the futures market trend, dropped by Rs 100 a quintal to close at Rs 14,000 (un-garbled) and Rs 14,600 (MG 1).

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