The Hindu Business Line : Pepper futures rise on European enquiries

August contract went up by Rs 364 a quintal to Rs 14,380, while September and October moved up by Rs 417 and Rs 435 a quintal respectively. The increase in other contracts was from Rs 458 to Rs 485 a quintal.

Turnover up

Total turnover on NCDEX shot up by 10,162 tonnes to 16,335 tonnes. Total open interest increased by 649 tonnes to 20,860 tonnes. Spot prices in tandem with the futures market trend moved up by Rs 200 a quintal to close at Rs 13,900 (un-garbled) and Rs 14,500 (MG 1). There was no selling pressure on the spot. August delivery still remained below the spot.

Meanwhile, according to a latest report black pepper imports by the US during Jan-June 2008 stood at 24,797 tonnes as against 23,404 tonnes in the corresponding period last year showing an increase of 1,393 tonnes. However, imports from India showed a drop of 1,619 tonnes to 4,924 tonnes from 6,543 tonnes in same period last year.

International market on Thursday was reportedly by and large steady with some changes. Indonesia said to have offered L Asta at $3,600-3,650 but there were no takers. Brazil, however, has been offering B Asta at $3,000 a tonne (fob) Belem and B 1 at $2,950 a tonne (fob). Indian parity has gone up further following the increase in the futures prices. It is said to be at $3,600-3,700 a tonne (c&f).

C&F New York prices for MG 1 were reportedly $3,675-3,725 a tonne while L Asta at $3,700-3,750 a tonne. Vietnam Asta was quoted at $3,500 a tonne and 550 GL and 500 GL at $3,100 and $2,900 a tonne (fob) respectively. B Asta was quoted at $3,050-3,065 and B1 at $2,950-2,965 a tonne (fob).V ASTA – 3500. Ecuador was offering E Asta at $3,500 a tonne (c&f). MLS Asta spot price was $3,750 a tonne while MLSV Asta at $3,525 for October, November and December shipments.

White pepper prices quoted for Vietnam and Muntok were $4,800-4,825 and $4,950-5,000 a tonne respectively.