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G.K. Nair

Kochi, Aug. 3

Indian pepper futures market fell on Friday on concerted bearish activities despite the fundamentals in the world market remained unchanged.

Cell calls spreading messages that the prices would fall sharply said to have created strong bearish sentiments in the players and as a result, long operators liquidated.

Some of the exporters said to have covered 30–40 tonnes of un-garbled pepper directly from dealers in the primary markets at Rs 130–135 a kg.

In fact, farm grade pepper is sold at $3,900 a tonne while the prices in the futures market are cheaper.

Meanwhile, Indian pepper continued to remain competitive in the world market. As the prices are ruling far below than that of other origins on Friday, overseas buyers were said to be trying to get offers from Indian exporters at below $3,800 a tonne (c&f) New York.

Vietnam was reportedly offering Asta grade New York at $3,950 (c&f) a tonne as against the price for MG 1 at $3,800-3,825 a tonne (c&f). B Asta was offered at $3,750 (f.o.b.) while MLSV Asta spot was offered at $4,000-4,100 a tonne.

Vietnam has quoted 500 GL at $3,350 a tonne (f.o.b.) while 550 GL at $3,500 a tonne (f.o.b.).

On Friday, Muntok white and Vietnam white were being offered at $5,000-5,050 and $5,400 a tonne respectively.

August contract on NCDEX dropped by Rs 269 a quintal on Friday to Rs 13,435. The fall in other contracts was from Rs 225 to Rs 309 a quintal.

On NMCE, August contract fell by Rs 231 a quintal to Rs 13,200. The drop in other contracts except Jan was from Rs 108 to Rs 258 a quintal.

Total turn over on NCDEX dropped by 1,177 tonnes to 18,732 tonnes, while on NMCE it moved up by 130 tonnes to 1,536 tonnes.

The total open interest on NCDEX moved up by 37 tonnes to 25,600 tonnes, while August and September position declined by 45 tonnes and 30 tonnes respectively to 6,141 tonnes and 13,21 tonnes. October increased by 62 tonnes to 3,933 tonnes.

On NMCE, total open interest increased by 126 tonnes to 2,589 tonnes while August position was up by 39 tonnes to 1,349 tonnes.

Spot prices in tandem with the futures market trend fell by Rs 200 a quintal on Friday to close at Rs 13,300 (un-garbled) and Rs 13,900 (MG 1).

More Stories on : Spices & Condiments | Commodity Exchanges

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