The Hindu Business Line : Pepper futures steady on buying support

Kochi, Feb. 22 Pepper futures market closed steady on Friday after ruling easy and then rising. There was good domestic demand because of the moving out of over 1,000 tonnes of black pepper from the exchange, which is nearly 25 per cent of the exchange stock.

Movement of the commodity from Karnataka by evading tax appears to have slowed down following some tightening of the borders has led to demand coming to Kerala now, market sources told Business Line.

In the international market the buyers are waiting for selling pressure to emerge in Vietnam. But, the prices were reportedly moving up. Prices of FAQ 500 GL has gone up to $3,540 a tonne (f.o.b.) and indications were that it might touch $3,700 a tonne (f.o.b.)

Given this situation some of the multinational companies operating there are said to have taken MG 1 from here due to shortage of heavy pepper in Vietnam. Indian parity remained at $3,875-3,900 a tonne (f.o.b.). Prices in other origins also continued to remain firm at previous levels.

Marginal rise

March contract on NCDEX moved marginally by Rs 28 a quintal to Rs 14,880 on Friday. All other contracts except July moved up by Rs 2 to Rs 187 a quintal. July contract declined by Rs 33 a quintal.

On NMCE, March contract dropped by Rs 37 a quintal to Rs 14,621. April, May and August dropped by Rs 34, Rs 4 and Rs 266 a quintal respectively, while June and July moved up by Rs 90 and Rs 203 a quintal.

Total turnover on NCDEX moved up by 2,680 tonnes to 15,498 tonnes, while that on NMCE went up by 461 tonnes to 1,679 tonnes.

Spot prices ruled steady at previous levels on Friday at Rs 13,700 (un-garbled) and Rs 14,300 (MG 1) a quintal.

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