The Hindu Business Line : Pepper futures edge higher

Kochi, July 24 The pepper futures market on Thursday was volatile and all the contracts closed marginally up. Reports that Vietnam prices are easier created bearish sentiments and arrested the upward move. There was very little activity both in futures and spot.

Indian parity ruled at $3,600-3,650 a tonne (c&f) and remained uncompetitive in the world market, even after the rupee weakened against the dollar on Thursday.

Indonesia was offering at $3,500 a tonne (f.o.b.) and its prices are reported to be easier in the coming weeks. Brazil was offering Astaat $3,100 a tonne (f.o.b.) Belem while 550 GL at $3,000 a tonne (f.o.b.). Vietnam reported to have quoted 550 GL at $2,950-3,000 a tonne (f.o.b.). It is also said to be offering Asta grade to USA at $3,450-3,475 a tonne (c&f).

Turnover drops

The turnover on the NCDEX dropped by 2,422 tonne to 12,331 tonne on Thursday while the Net Open Interest declined by 373 tonne to 20,687 tonne. August net open position dropped by 490 tonne to 9,261 tonne while others gained marginally, market sources told Business Line. Spot prices ruled steady at Wednesday’s level of Rs 13,800 a quintal (un-garbled) and Rs 14,400 a tonne (MG 1) on Thursday.

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