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G.K. Nair

Kochi May 25 Pepper futures fell on activities of bear operators despite prices of other origins ruling firm.

Besides, quantity restrictions coupled with lack of adequate space in the warehouses have also contributed to the fall.

Processors are said to be unable to buy, as they cannot deliver goods, market observers told Business Line. "This seems to have become a perpetual problem of late and hence some new warehouses have to be identified," they said. The declining trend in the futures market is driving away buyers, they pointed out.

Exporters were ready to buy but limited quantity was available and traded. They have no other way but to take delivery, as nearby deliveries were available cheap though it has dust and are light berries, they claimed. May delivery was available below the price of ungarbled pepper, they said.

Some of the Indian operators said to have sold to overseas buyers at $3,850- 3,900 a tonne (c&f). Buyers are interested in Jul/Aug/Sep, they said.

The prices in Vietnam reported to have bounced back to $3,480 a tonne for 500 GL (f.o.b). 550 GL was being offered at $3,630 a tonne (f.o.b), while V Asta was at $4,050 a tonne (f.o.b). L Asta was quoted at $4,035 a tonne (f.o.b), while B Asta was at $3,900 a tonne (f.o.b). US resellers were said to have quoted MLSV at $4,000 a tonne.

Indian parity has thus become most competitive at $3,850 - $3,925 a tonne (c&f), they said.

Jun contract on NCDEX was down by Rs 354 a quintal to at Rs 13,731. The fall in other contracts was from Rs 330 to Rs 455 a quintal.

On NMCE June contract dropped by Rs260 to Rs 13,351. The drop in other contracts was from Rs 280 to Rs 579 a quintal.

Turnover falls

The total turnover on NCDEX fell by 10,114 tonnes to 34,254 tonnes while that on NMCE declined by 362 tonnes to 3,324 tonnes.

The total open interest on NCDEX moved up by 324 tonnes to 25,765 tonnes. June position fell by 510 tonnes to 12,325 tonnes, while July moved up by 701 tonnes to 9,171 tonnes.

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