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G.K. Nair

Kochi May 21 Pepper futures market witnessed a sharp fall on Monday on reports that Vietnam has reduced the prices of 500 GL to $3,600-$3,650 a tonne (fob).

Add to this because of the restrictions on open positions investors said to have been liquidating and getting out. This has also contributed to the decline. Besides, strong rupee against the dollar has also influenced the market.

There was no selling pressure on spot. Hence, exporters could cover from the exchange and export.

Indonesia also reportedly lowered their price of Lasta to $3,850 a tonne (fob) while the Indian parity ruled at $3,900-3,950 because of the strong rupee. Though the futures prices fell by Rs 6 to Rs 7 a kg on Monday the decline in spot was just Rs 2 a kg.

Still the Indian pepper remained competitive and hence demand might come to India, market sources told Business Line.

FUTURES FALL

June contract on NCDEX fell by Rs 763 a quintal to close at Rs 14,449 on Monday from Rs 15,212 last Saturday. The drop in other contracts was from Rs 661 to Rs 799 a quintal.

On NMCE, June contract fell by Rs 649 a quintal to close at Rs 14,200 from Rs 14,849 while the fall in other contracts was from Rs 406 to Rs 675 a quintal.

Turnover surges

The total turnover on NCDEX surged by 11,766 tonnes to 30,648 tonnes while that of NMCE was by 1,297 tonnes to 2,592 tonnes.

The total open interest on NCDEX declined by 616 tonnes to 25,804 tonnes. June position fell by 1,575 tonnes to 15,879 tonnes while July increased by 928 tonnes to 6,209 tonnes.

On NMCE the total open interest moved up by 149 tonnes to 3,348 tonnes. June position also went up by 128 tonnes to 2,621 tonnes.

Spot prices

The spot prices in tandem with the futures market trend dropped by Rs 200 a quintal to close at Rs 14,000 (un-garbled) and Rs 14,600 (MG 1) on Monday.

More Stories on : Spices & Condiments | Commodity Exchanges

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