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G.K. Nair

Kochi, Aug 12 Pepper futures market on Tuesday moved up on speculative activities by the bulls.

August contract increased by Rs 89 a quintal while the rise in other contracts was from Rs 43 to Rs 102 a quintal from the closing price of Monday.

However, January dropped by Rs 51 a quintal.Total turn over increased by 1,912 tonnes on NCDEX to close at 7,678 tonnes while the net open position declined by 67 tonnes to close at 20,503 tonnes.

August and September positions dropped by 405 tonnes and 85 tonnes respectively while October moved up by 112 tonnes.

Weakening of the rupee against dollar kept the Indian parity at the previous levels, albeit out priced, at $3,550 a tonne (c&f) for Europe and $3,650 a tonne (c&f) for the US.

Spot prices ruled steady at Rs 13,700 (un-garbled) and Rs 14,300 (MG 1) a quintal on Tuesday. There was no selling pressure for the spot pepper. August delivery continued to remain below the spot price and even at this rate exporters were not showing any interest to cover for fear of inferior quality of the the goods delivered. This phenomenon isaffecting the trading on the exchanges, trading sources told Business Line. In the international market, easier trend continued in Brazil andVietnam. The buyers in Europe and US are on holidays while because of the slow economic activity dealers were keeping inventory only for two weeks and not for 6-7 weeks like in the past. Besides, though Brazil was offering cheap, US buyers do not seem to cover from there because of the high local cost for re-processing/sterilisation.

The prices on Tuesday for different origins C&F New York were MG1 L ASTA - $3,700-3,750 a tonne;V ASTA - $3,525-3,575 a tonne; B ASTA - $3,025-3,050 a tonne FOB; Vietnam White was quoted at $4,850-4,900 a tonne while Muntok Whiteat $4,950-5,000 a tonne (c&f).

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