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G.K. Nair

Kochi, Aug. 11

Pepper futures market on Monday traded easier on bearish speculative activities.

In fact, the market declined without any co-relation with the fundamentals, market sources told Business Line. August contract fell by Rs 89 a quintal to close at Rs 13,820, while September dropped by Rs 78 to close at Rs 14,090 and October by Rs 101 a quintal to close at Rs 14,382 on Monday, on NCDEX.

Total volume increased by 2,096 tonne to 5,766 tonne, while net open position moved up by 158 to 20,570 tonne. The bearish sentiments is due to a possible reduction in import duties from Asean countries.

However, a strong rupee against dollar has kept the Indian parity above all other origins at $3,500-3,550 a tonne (c&f). Indian parity for Europe is $3,525-3,550 and for the US $3,650-3,675 a tonne (c&f).

Domestic demand continued to show strength on account of the ensuing festival season. Exporters continue to show reluctance to buy from the exchanges, despite the August and September deliveries available at prices below the spot for fear of inferior quality of the material.

Spot prices ruled steady at last weekend close of Rs 13,700 (un-garbled) and Rs 14,300 (MG 1) on Monday.

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