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G. K. Nair

Kochi, July 23 Pepper futures on Wednesday witnessed a sharp fall on bearish activities.The drop touched second circuit level and it was from Rs 600 to Rs 650 a quintal on all the contracts.

There were no buyers for the futures, while those holding long positions were liquidating, market sources told Business Line. They said that some false propaganda saying that the Government is going to stop futures trading in commodities was being spread and that in turn pushed down the market heavily.

Spot prices also fell by Rs 400 a quintal in tandem with the futures market trend to close at Rs 13,800 (un-garbled) and Rs 14,400 (MG 1) a quintal on Wednesday, they said. Total turnover on NCDEX dropped by 1,530 tonne to 14,753 tonne. Of this 1,073 tonne was of Aug delivery, which fell by 1,073 tonne to 6,960 tonne.

Open interest also dropped by 1,148 tonne to 21,060 tonne. Main decline were in September and October which were at 685 tonne and 727 tonne respectively. In the international market the Indian parity despite the fall in the prices remained at comparatively higher levels because of the rupee gaining strength against the dollar. Indian parity ruled at $3,650–3,675 a tonne (c&f). International players, resellers were offering MLSV (Malabar, Lampong, Sarawak, Vietnam) September–December deliveries at $3,550-3,575 a tonne (c&f). Brazil was offering Astagrade at $3,100-3,150 a tonne (f.o.b.).

Indonesia was reported to be holding back and it is likely to hold on till the new crop arrives in the market. According to latest reports their next crop is estimated to be 15,000 tonne as against the normal crop of 20,000-25,000 tonne.

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