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G.K. Nair

Kochi, July 31 Pepper futures traded easier on Thursday and closed lower on bearish activities. All the contracts dropped by Rs 141- 240 a quintal.

August and September contracts were down by Rs 141 and Rs 189 respectively from Wednesday. Based on reports that Sri Lanka was urging the Centre to remove the cap of 2,500 tonnes on imports of pepper from the Island nation had activated the bearish speculators, trading sources told Business Line.

Farmers and small dealers in the primary markets were also seen worried. But, the Government, the sources expressed the hope, might not allow India to function as a hub for foreign commodities.

Indian parity dropped to $3,550 a tonne (c&f). There was no selling pressure at all in spot pepper.

Spot prices in tandem with the futures market trend also declined by Rs 100 a quintal to Rs 13,700 (ungarbled) and Rs 14,300 (MG-1) on Thursday.

Due to strong domestic demand operators are said to be ready to buy ungarbled pepper at Rs 139 –140 a kg from the growers for moving them out to north Indian markets by evading tax.

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