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G. K. Nair

Kochi, Oct. 9 Pepper futures market continued its upward move with the prices shooting up further on Tuesday on good buying support.

Exporters were covering from the exchanges as spot pepper is not available at the terminal market. Besides, there is alleged manipulation taking place to force the players to default in view of the revised penalty structure, market sources told Business Line.

Meanwhile Indian spices industry engaged in value addition is understood to have covered 1,000 tonnes of B2 and B1 pepper from Brazil at $3,050 a tonne (f.o.b.) and $3,100 a tonne (f.o.b.).

Besides, some of the Indian shippers said to have bought Asta grade from Indonesia at $3,425 a tonne (c&f) for shipping to the US.

This trend has pushed up the Indonesian prices to $3,525 a tonne (C&f).

With the upward swing in the futures market the average Indian parity for October/November/December contracts has shot up to $3,850 at tonne (c&f) for the US and $3,800 a tonne (c&f) for the Europe, they said.

October contract on NCDEX on Tuesday shot up by Rs 397 a quintal to close at Rs 13,390 from Rs 12,993 on Monday.

Spot prices also shot up by Rs300 a quintal on Tuesday on good buying support to close at Rs12,700 (un-garbled) and Rs13,300 (MG 1).

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