The Hindu Business Line : Downtrend continues in pepper

Kochi, Aug. 17 Pepper futures continued its downfall on Friday also and reached the level below the spot prices on liquidation due to the quantitative restrictions on nearby positions.

“Since the nearby positions are cheaper than that of spot the exporters could have bought and exported but they are finding it difficult to cover”, market observers told Business Line. Outside brokers are not ready for delivery, while many other brokers’ position is full, they said.

In fact, there were good opportunities for export of July/Aug/Sep shipments. Exporters are also not making much commitment because of the difficulty in covering, they said. Brazil was offering Asta grade at $3,550 a tonne (f.o.b.), while 560 GL at $3,450 a tonne (f.o.b.). However, Vietnam prices said to have remained unchanged as the exporters and growers are anticipating that the prices would be better next week. Indian parity continued to remain competitive.

Spot prices in tandem with the downward trend in the futures declined by Rs 100 a quintal on Friday to close at Rs 12,700 (un-garbled) and Rs 13,300 (MG 1).

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